I am a salaried person and my monthly salary is around 1.5Lakhs - 1.80 Lakhs.
I want to save income tax by availing some deductions. Can you please help me in choosing the right investment?
Ans: There are different investment avenues which help you save tax under old tax regime. The main deductions are captured below:
You can invest Rs 1.5 lakh under Section 80C of the Income Tax Act
Public Provident Fund (PPF)
National Savings Certificate (NSC)
Equity-linked savings schemes (ELSS)
80CCD Additional 50,000 for National Pension Fund
80D helps to claim deduction of 25,000 for health insurance premium paid for self and family. You can claim upto 50,000 for senior citizen parents.
Under section 24, you can claim a deduction on interest on home loan up to a maximum of Rs 2 lakh per annum