Tax Savings Plan: 5 smart ways to save tax that no one will tell you..

If you are a taxpayer and are going to file your return, do you know that the Income Tax Department gives many such plans to its taxpayers, which can reduce the tax? In today's time, people adopt many ways to save on taxes. In such a situation, if income tax is deducted from your salary every month, and you are looking to save it, then this news is for you.

In this news, we will tell you about those easy ways by which you can save your tax to a great extent. Also, you can achieve your financial goals.

Tax exemption on pre-nursery fees
If your child studies in a play group, pre-nursery, or nursery, then you can get a tax exemption on school fees. Under section 80 (C), you can claim a tax deduction on the school fees of two children. However, for this, you will have to keep the fee receipt every month. This special facility was started in 2015.

Pay interest to parents and get a tax exemption.
If your parents fall in the lower tax bracket or no tax is levied on them, then you can take a loan from them for household expenses, and you can avail a tax exemption by paying interest on that loan. Section 24(B) says that if you give a loan to your parents, then you can avail a tax exemption equal to the interest paid on it. Its maximum limit is up to Rs 2 lakh. However, you will have to submit a certificate of the interest paid for this.

Tax exemption on medical expenses
If the age of your parents is 60 years or more, then you can also avail a tax exemption on their medical expenses. This special facility is available as per Section 80(B). In this, you can get a maximum exemption of up to Rs 50 thousand.

Save tax on family health insurance.
If the age of your parents is less than 65 years, then you can still avail a tax exemption. According to section 80(D), you can claim a tax exemption of up to Rs 25,000 on the premium of health insurance for your parents. If the age is more than 65 years, then this exemption increases to Rs 50,000. Apart from this, you can also get an exemption on the health insurance premiums for your wife and children.

Save tax on HRA
If you live with your parents and are not yet taking advantage of HRA, then this method is going to be very useful for you. You can claim HRA under section 10 (13A) by paying house rent to your parents. This is completely legal. Here, you have to keep one thing in mind: if you are taking other housing benefits, then you will not be able to take advantage of this.

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