IncomeTax savings options generally skipped
- Shirish Durve
- Aug 10, 2020
- 1 min read
Tax saving options under Income Tax Act generally not known
For your parents you can claim medical expense if they have no policy you can claim upto Rs 50,000 as deduction
LTA/LTC you can claim once in block of 4 years present block 2018-21. Eligible expenditure in travel fare. Taxi fare also can be claimed
If you are staying in a rented house you can claim upto Rs 60,000 as deduction provide you do not own a house
Bank interest eligible for deduction upto Rs 10,000 Senior citizens Rs 50000
Donation having 80G exemption eligible for deduction upto 10% of Gross Income
N P S (National Penson Scheme) upto Rs 50,000
Pls circulate to your friends and relatives
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