At present I am working in an partnership Firm. My Annual Income is Rs. 780000/-. Since it is a firm there is no HRA, PF in my salary. Only PT is deducted for Rs. 200/- p.m. I have invested Rs. 150000/- for the entire year in PPF u/s 80 C. My Query is
1.Whether Investing in PPF is a good investment? 2. Whether I can claim Rent Exemption & if so what is the procedure since I do not receive HRA, only I receive lumpsum salary?
3. What I have to do for bringing my tax liability to less than 5 lacs. So where I have to Invest in other sections if any. I am totally confused. Kindly advice.
06 January 2016
1.Investment in PPF is a better option for you. 2.You can claim rent exemption U/s 80GG max . of Rs 2000/- p.m. 3.You can get deduction U/s 80D also, by paying medical insurance premium. Max. 25000/-. 4. You may consider to invest in notified pension schemes of central government for getting extra benefit of Rs 50000/- U/s 80CCD (1B).
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