Hi All,
My friend has a Net income of Rs. 5,00,000 P.a.
He has shown Full Rs 1,00,000/- Exemption under Sec 80 C.
so can anyone tel me that how to avoid tax for the remaining amount Rs 2,40,000/- (5L-1.6L-1L) other than 80C?
Pls tel me list of Possiblities to avoid TAX atleast to teh extent.....
Conditions: Male, Unmarried, Staying in Own house.
Thanks in Advance.
Regards,
Chethan.
Dear Chetan,
You may consider the following options if viable:
1. If the friend you are talking about has a housing loan, the interest on the same is allowable as deduction under section 24 of the act under the head income from house property.
2. Your friend can get deduction of Mediclaim insuranse premium u/s 80D of the act.
3. He can also get deduction of interest paid on any education loan for higher studies, if any on section 80E
4. He can also get deduction of any donation made to specified funds or trusts under section 80G subject to fulfillment of other conditions.
5. if he has income from capital gains the same may be claimed as exempt subject to Section 54 to Section 54F
6. If his income includes salary income he can also get some allowance exempt if the same are included in the salary structure...
Do revert in case of any querries..
CAclubindia
