sandesh (Manager) (28 Points)
17 October 2011Hi,
The following are the investments which I have currently made for this year. Plz let me know how much more should I invest to ensure I have made the max use of tax savings plan? My Gross salary is Rs 12 Lacs pa.
a) LIC - Rs 74000
b) Home Loan Principle - Rs 14500
c) Home LOan Interest - Rs 150000
d) My regular PF - Rs 60000
e) My house rent - Rs 121000
Plz let me know how much more canI invest and under which section.
Thanks
Sandesh
Rahul Gupta
(Chartered Accountant)
(644 Points)
Replied 18 October 2011
As your quota for claiming deduction u/s 80C is already completed so there is no need to invest any more under this Section.
You have the scope to invest in Infrastructure Bonds which are eligible for deduction u/s 80CCF up to the maximum of Rs. 20000/-. You can invest more but deduction is limited to Rs. 20000/-
In addition to this you can purchase the Mediclaim Policy for which you can claim a deduction u/s 80D up to the maximum limit of Rs. 15000/- i.e. the premium you are paying annually. Rs. 20000/- in case of Senior Citizen. In addition to this you can also claim the additional deduction of Rs. 15000 / Rs. 20000/- if you also purchase the Mediclaim policy for your dependent parents.
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