Have you ever wondered that you are paying so much tax and you are not getting any tax-saving investments? Is yes, then have you ever thought is there any way for tax saving investments?
Well, whether you are businessmen or public sector employee or working in any MNCs if you haven’t planned your taxes, you are paying more. Why I am saying more because income tax laws are so challenging that no other person want to get indulge themselves in them.
But, through this article, you will come to know various tax savings investments that can save your hard-earned money and can make future savings: –
Repayment of home loan
You will be glad to know that your home loan can reduce the overall burden of the tax. Means if you have taken a home loan then you can surely get the benefit on principal and interest element on every installment. The great news is when the house is first you can get save enormous amount under section 24, 80C, and 80EE.
Amount received as gifts on marriage
Do you know that the gifts that you get in marriage is tax saving investment?
Means you can receive any of the gift from your relatives, friends, family on any occasion for them you don’t have to pay any tax.
Medical treatment of specified disease for self or dependent
This is another tax saving investment under section 80DDB. Means if you yourself or any dependent of yours are suffering from any of the below diseases don’t have to pay tax: –
- Chronic Renal Failure
- Malignant Cancers
- Haematological disorders
- Neurological diseases
There are numerous Equity Linked Saving Schemes that can act as a tax-saving investment. It comes with three years lock, and in these three years, the individual can get a huge return, but it is tax-free.
Five years post office time deposit account
You can open this five-year tax-saving investment at any of the post offices. It acts as any other fixed deposit schemes with a lock-in period of five years. The best part is after it gets matured, you can get maximum return without paying tax.
Donations to any political parties
Maybe you don’t know about this, but if you are giving a donation to your supporting political party, then it is one of the best tax saving investment. Means any of the contribution made to any political party is exempt from tax under section 80GGC.
With the advancement in the medical line, the overall cost of medical treatment is rapidly accelerating. So, if the person will buy a health insurance policy, then they don’t have to pay any tax. As the citizen of India start using these methods of tax-saving investments to make use of your hard-earned money. Because for common men, their money is all about their day-night hard work while compromising everything