Section 80C: ?1.5 Lakh Deduction
The most popular tax-saving section. You can claim up to ?1,50,000 deduction by investing in ELSS Mutual Funds, PPF, NSC, Tax-Saving FD, and paying children's tuition fees or home loan principal.
Section 80D: Health Insurance Premium
- ?25,000 deduction for health insurance for self, spouse, and children
- Additional ?25,000 for parents below 60 years
- Additional ?50,000 for senior citizen parents
Section 24(b): Home Loan Interest
Claim up to ?2,00,000 per year on interest paid on home loan for self-occupied property.
House Rent Allowance (HRA)
If you live in a rented house and receive HRA, claim exemption on the minimum of actual HRA received, 50% of basic salary (metro), or actual rent minus 10% of basic salary.
NPS: Extra ?50,000 (Section 80CCD(1B))
The National Pension System offers an additional ?50,000 deduction over and above the 80C limit — one of the most underutilized tax-saving tools available.
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