Friends,
Here are some best tax planning Tips. With the help of these one can save Income Tax while doing some savings. Savings can be done under the head 80C , 80CCF, 80D and on Housing Loan installment for Principal amount as well as on Interest Amount.
Here are some Best Tax Planning Tips
Make Maximum Assessee in Family
Make your family members income tax assesses to avail basic exemption limit like 1,60,000 for male, 1,90,000 and 2,40,000 for senior citizens. This is the best option and first step of tax planning.
Women and Senior Citizens
Woman and senior citizens assesseess have more exemption limit then male assessee, so If possible, create income on their name is more tax saving option. Tax planning is the science and art, and of course right of yours to use as a tool to plan your tax.
Tax Planning with Home Loan
Home loans are the best and famous to plan your tax. Tax benefits can be claimed on both the principal and interest components of the home loan as per the Income Tax Act, 1961. These deductions are available to assessees, who have taken a loan to either buy or build a house, under Section 24(b).
Woman and senior citizens assesseess have more exemption limit then male assessee, so If possible, create income on their name is more tax saving option. Tax planning is the science and art, and of course right of yours to use as a tool to plan your tax.
Tax Planning with Home Loan
Home loans are the best and famous to plan your tax. Tax benefits can be claimed on both the principal and interest components of the home loan as per the Income Tax Act, 1961. These deductions are available to assessees, who have taken a loan to either buy or build a house, under Section 24(b).
Home Loan to know more.
Deductions u/s 80C & 80D
Get full deduction of u/s 80C for Rs. 1,00,000, deduction of u/s 80D of mediclaim for extra deduction of Rs. 15000 (for medical insurance in respect of self, spouse and dependent children) and Rs. 20,000 (for medical insurance in respect of parents above than 65 years). These sections of income tax are the best tools for tax planning, don’t forget to use that.
Invest in notified Government Securities and schemes because income from these sources are fully exempt from tax u/s 10(11) and 10(15). Public Provident Fund: Interest and withdrawals are full exempt from tax u/s 10(11). See the tax saving schemes to know more.
Gift Tax Planning
Gift from close relatives are not taxable, you can divert income to other family members but first see the clubbing of income to know more. see taxation of gifts to know more. Gifts from other than relatives are taxable, So be careful to receive gifts as gifts may become rifts.
Deductions u/s 80C & 80D Get full deduction of u/s 80C for Rs. 1,00,000, deduction of u/s 80D of mediclaim for extra deduction of Rs. 15000 (for medical insurance in respect of self, spouse and dependent children) and Rs. 20,000 (for medical insurance in respect of parents above than 65 years). These sections of income tax are the best tools for tax planning, don’t forget to use that.
Invest in notified Government Securities and schemes because income from these sources are fully exempt from tax u/s 10(11) and 10(15). Public Provident Fund: Interest and withdrawals are full exempt from tax u/s 10(11). See the tax saving schemes to know more.
Gift Tax Planning
Gift from close relatives are not taxable, you can divert income to other family members but first see the clubbing of income to know more. see taxation of gifts to know more. Gifts from other than relatives are taxable, So be careful to receive gifts as gifts may become rifts.
