[ad_1]
Tax saving tips: Income tax payers adopt many methods to get exemption in it. One of the easiest and most popular of these methods is investment. But what about those who do not have a lot of money to invest? Do you also want to save tax without investment? In such a situation, now you do not have to worry. There are many such ways through which you can save up to lakhs of rupees even without investing. Most people pay very little attention to these methods.
Save tax on education loan without investment
There are very few students studying in school who take loans. While taking admission in college or going abroad for studies in pursuit of higher education, most of the students depend on education loan only. According to section 80E issued by the Income Tax Act, tax exemption is very easily available on the interest paid on the loan. Not only this, according to this act, the EMI amount can also be reduced.
tax exemption on home loan
According to Income Tax Act 24(b) it is very easy to get ready to move flat or track suit above house. Most people adopt this method to get tax exemption without investment. Not only this, if the facility of tax exemption is available on the home loan for the already built house. For this, it is necessary for you to be in that property i.e. house. One condition for this is that if you sell this house within 5 years, you will have to pay old taxes as well.
Tax exemption on House Rent Allowance
It is very easy to get tax exemption for people living in rented houses. While filing ITR, tax exemption can be claimed by showing HRA i.e. House Rent Allowance. Those who live in a rented house, almost a part of their salary goes into it. House tax allowance is exempt as per Section 10(13A) of the Income Tax Act, 1961, 2A. Under this, not only some percent but also completely tax exemption can be taken.
Tuition fees and related expenses
If your children study tuition other than school and college, then on that basis also you can claim tax exemption. Tax exemption for other expenses related to education is available under section 10 of the Income Tax Act. Not only this, if children are studying in other states or staying in hostels, then they can also claim tax on this. If there is 1 child, then Rs 1200 every year and 2 children are studying in hostel, then 3,600 tax can be claimed on this.
[ad_2]
Source link