Hi All,
My friend has a Net income of Rs. 5,00,000 P.a only from Salary.
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.
pl explain whether salaried employee or bus/ prof income
He can probably claim some exemption u/s 80D. Apart from that, i cannot see how he can avoid tax.
If he has taken any loan for the acquisition of his house, he can claim deduction u/s 24(b) on account of interest accrued on the loan [under the head "Income from House Property"].
Hi Chetan!
U havent mentioned anything about the TDS in the salary..is TDS deducted or not?? If not then do suggest him to get TDS certificate from now on..Also he can get Mediclaim for himself or his spouse, children or parents to get deduction u/s 80D.
CAclubindia
