Tax Planning

Dear Nikhila,

Yes investments in 80 C can be made in upto Rs. 1 Lacs in any one or more of the followng modes-

1) Fixed Deposit with a scheduled Bank for 5 years

2) Deposit in PPF a/c (upto Rs. 70 K)

3) Investment in Equity Linked Saving Schemes (ELSS) Mutual Funds

4) Life Insurance Premium

5) Contribution of PF(Mandatory +voluntary)

6) Apart from above there are other schemes as well, like housing loan, investment in noified bonds, etc, plz go through the section

totally agreed with amir but i would like to add that he can also contribute in 80d mediclaim.and if u wanna get a house property then best option is to take a housing loan.he can get deduction of interest u/s 24b and he can set off the loss from any rental income and he will be getting deduction of principal u/s 80C.

can he show the tution fees paid for my younger brother & me

Dear Nikhila,

No tuition fee can be claimed only in respect of 2 children.

Thank u Amir