Nirmala Sitharaman: In today’s time, all the people whose salary is more than 5 lakhs, they are all worried about how to save income tax… But today we are going to tell you such methods in this news. There are ways through which you can save tax.
In today’s time, all the people whose salary is more than 5 lakhs, they are all worried about how to save income tax… But today we are going to tell you about such a method. Will tell, through which you can save tax up to Rs 8 lakh. That is, if your salary is 8 lakh or 10 lakh rupees, then you do not need to pay a single rupee income tax.
Finance Minister Nirmala Sitharaman has shared many ways to save tax, through which you can save lakhs of rupees. Let us tell you how you can save tax up to Rs 8 lakh.
Rebate will be given on home loan interest-
Apart from this, you will also get the benefit of exemption on home loan under section 24 (b) of the Income Tax Act. In this, you will get the benefit of exemption only on the interest paid on your behalf. You can claim tax exemption on interest up to Rs 2 lakh in this.
Discount will be available on auto loan-
If you buy any electric vehicle under section 80EEB of the Income Tax Act and you have taken this vehicle on loan, then you will get a rebate of up to Rs 1.5 lakh on it.
Exemption will be available in section 80C-
You can take advantage of the exemption of up to Rs 1.5 lakh under section 80C. Through this, you can claim exemption by investing money in many schemes including LIC policy, PPF, EPF, NSC.
Loan will result in tax savings-
Apart from all this, you will also get the benefit of exemption under 80C on the principal amount of the home loan. You cannot get more than Rs 1.5 lakh discount in this. Even if you have claimed any deduction earlier under 80C, you will get the maximum benefit of only 1.5 lakh.
Exemption from health insurance
You can also save tax through health insurance. You can claim premium under section 80D. You get a discount of up to Rs 25,000 in this. If you have got your parents’ health insurance done, then you will get a full tax exemption of Rs 50,000.
