deductible for income from salary

This query is : Resolved

sandesh mane (Querist)
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29 May 2009 Dear Friend,

If i want to save taxable income of Rs.1854/- from salary than what should i show as deduction and where to make investment.
1. i heard about rent receipt but i'm not aware of it how it works.
2. what should i do for rent receipt procedure.
3. to save tax where should i invest as market is not in good condition.(insurance or any other...pls suggest)
4. till what amount should i invest to save Rs. 1854/-.

Vipul J. Bhavsar

Vipul J. Bhavsar (Expert)
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29 May 2009 1. Rent receipt will come into picture when you are receiving House Rent Allowance(HRA) and you are staying at a rented place and you dont own a residential accomodation in the city in which you are working.
Rent receipt is required to be submitted as a proof of rent paid in the financial year.If you are staying at a rented place ask the owner of the place to give you the receipt for the rent paid.

You can invest in Insurance because in the present market condition, it is the best best bet you can do at the same time you can claim such insurance under section 80C as deduction.

You will have to invest atleast 18,000 in order to save Rs.1,854 as tax payment.

You can mail me for further clarification on vipuljeevan@rediffmail.com