Tax Saving

Mahalaxmi Investment provides you SECTION 80C, SECTION 80D, SECTION 80CCD, SECTION 54, SECTION 54EC, SECTION 54F as a TAX SAVING options.

Most people are aware of claiming tax deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. The right tax-saving investments help most taxpayers, including salaries individuals and professionals, to save tax. Some of the options to claim the tax benefit under this section include life insurance premium, PPF, EPF, and tax-saving fixed deposits. However, there is a lot more to tax planning than Section 80C which helps you further reduce your tax liability. ELSS investment lock-in time period is 3yrs, which is lower lock-in time period rather than other instruments. ELSS (Equity Linked Saving Scheme) is a better option to save tax under the Section 80c.

Let’s take a look at the tax-saving options other than Section 80C to turn you into a smart tax saver.

1.    Section 80D: Payment of health insurance premium

2.    Section 80CCD: National Pension Scheme

3.    Section 54: Long-term capital gain on the sale of the residential house

4.    Section 54EC: long-term capital gain on the sale of land, building or both

5.    Section 54F: long-term capital gain on the sale of a capital asset other than a residential house

6.    Section 80TTA: Interest from Saving Bank Account

7.    Section 80GG: Rent paid for accommodation

8.    Section 80G: Donations to charitable institutions

9.    Section 80EEB: Interest paid on loan taken for the purchase of an electric vehicle

10. Section 80EEA: Interest payment of the home loan for first-time buyers

11. Section 24: Interest payment of a home loan

12. Section 80E: Repayment of an education loan