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Make the most of lesser known income tax deductions

A majority of us are mainly concerned with deductions associated with section 80C, which include insurance premiums, PPF, etc. However, there are a variety of other income tax deductions available as well, these are lesser known and usually ignored. Read further to know more about these lesser known income tax deductions, you may be able to save further.<br><br>

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Make the most of lesser known income tax deductions

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  1. Make the most of lesser known income tax deductions

  2. Tuition fees • Get a deduction on your child's tuition fee under section 80C.

  3. Tax benefits for disabled people • Disabled people can claim a deduction of up to Rs 75,000 under section 80U. • Those with severe disabilities can claim a deduction of up to Rs 1.25 lakhs.

  4. Specific illness • Deduction is allowed under section 80DDB. • Maximum allowed limit can range from Rs 40,000 to Rs 80,000.

  5. Savings account interest • Deduction is allowed under section 80TTA. • Maximum allowed limit is Rs 10,000.

  6. Home loan • Home loan fees are subject to tax deduction. • Deduction is allowed under section 24.

  7. Personal loan • Deduction is allowed on the interest payment on a personal loan utilised for house purchase.

  8. Home renovation • Deduction is allowed on the interest payment of a loan utilised for the above purpose. • Deduction is allowed under section 24B. • Maximum allowed limit is Rs 30,000.

  9. Rent deduction • Deduction is allowed under section 80GG. • Maximum allowed limit is Rs 5,000 a month.

  10. Long term capital gain reinvestment • Deduction is allowed under section 54 and section 54F. • To qualify, you must invest within a year of receiving a capital gain.

  11. Short term capital loss • Set off your short-term capital loss with long term capital gain.

  12. When filing your returns, don't forget to take advantage of the tax benefits outlined above.

  13. thanks! Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More : Take Advantage of Lesser Known Income Tax Deductions

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