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Worried about high tax on Gratuity and Superannuation? I can help!

Milind Vadjikar |1238 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Apr 12, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Asked by Anonymous - Feb 09, 2025Hindi

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Hello, My Gratuity and Superannuation amounts are more than tax free limit, please advice how to reduce tax on it.

Ans: Hello;

You will have to pay tax on the excess amount.

There is no way to avoid it but you may check with a CA specializing in personal income tax to know more.

Best wishes;

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Sir, kindly let me know how to save more income tax apart from 80C deductions

Ans: FIrstly, please ascertain whether the Old Tax Regime is beneficial to you or the New Tax Regime. If it is the new one, you do not have to bother about saving any income tax as there are hardly any deductions available in it but the tax rates are lower. If Old Tax Regime is beneficial to you, then the tax benefits are available to you only if there are special circumstances for you, eg, you take a home loan and loan interest saves a bit of tax under IT Section 24(b), education loan under Section 80E, disability of self and/or dependents under Sections 80DD, 80DDB, and/or 80U, etc.

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I am salaried individual my gross salary is 9 laks how i can save tax

Ans: 1. PPF / LIC/ ELSS - 1.5L
2. MEDICLAIM - 50K
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Question by SS - Jul 01, 2024Hindi

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Sir, I have around 30 lacs in FD, 15 lacs in SCSS and 4.5 lacs in post office MIS. What should I do to reduce my income tax on the interest earned.

Ans: Buy healthcare policy for self and spouse. The premium paid is deductible under Sec 80(D) of IT Act.

Cost of preventive health checkups can also be claimed as deduction.

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Asked by Anonymous - Feb 16, 2025Hindi

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How much is tax on gratuity and superannuation and how to minimize the tax impact on reitirement

Ans: Gratuity is exempt as per prescribed formula which depends on last salary (Basic + DA) and subject to limit of 20 lacs.

Superannuation is taxable.

To minimize tax, you can opt for old tax regime if you are paying substantial amount for eligible deductions exemptions

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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