Best tax saving options in India without any investment

There are different types of income tax slab in different and countries. In India, it starts from the 5 lakh income category. This the basic slab of income tax. So today, we will discuss some tax saving options in India without any investment. There are numerous ways and techniques by which you can save your income tax. Let’s have a look at them

HRA – House Rent Allowance

This is one of the important and simple ways of saving income tax. This tax-saving option is available for salaried accounts only. You can show your rent to the government and easily avail of this. If you have your own house but the house property is on the name of your mother then also you may claim this about giving rent to your mother and which is totally legal.

Home loan

This is also a very important way to get an exemption from taxation. By showing the EMI, in every home loan, EMI has two parts, 1- Principal and 2- interest. The components are eligible for deduction under the various sections of the income tax act.

Medical insurance

This is also a simple way to save your money from taxation. This can give a deduction of more Rs. 1.5 lakhs. You may save tax just paying the premium, it beneficial to you in both ways regarding your health expenditure as well as tax exemption. If your family member is under 60 then you are able to get the exemption up to 25k only but if they are above 60 then you may claim up to 30k.

Education loan

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If you have any education loan for higher education even you are getting this education from abroad or any foreign countries and you are able to save tax very easily. You can also avail of this opportunity for up to 8 years.

The fee paid for tuition

If you come under the taxation income then you may show the tuition fee of your children. This is available up to 2 children. If you and your spouse both are working then you can show for 4 children. This has a limit of Rs. 1.5 lakhs. This may be for school, playschool, or college fees.

Donations

If you do donations the prescribed NGO’s then only you are allowed for this. Before, a donation you must be sure that the NGO is registered to the Indian government, and you will be allowed to avail of this facility.

tax saving options
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Stamp duty and registration

This is unknown to the people. If you had brought any property and had made registration then you had paid the registration charges already then you are exempted to taxation. You can show it in the form and get your tax exemption. This is the facility that is not very common in the market.

EPF – Employees Provident Fund

This is a type of investment but not an additional investment. You can avail of this option by investing in EPF.

Rent

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This facility is for those who are salaried but comes under the criteria of tax exemption facility.

So, it can be concluded that these are some tax saving options and all the measures are the rules by the Indian Income-tax department and totally legal. You may consult your related people in this field for better advancement.

Nitin Ahirwar
Hello, my name is Nitin Ahirwar and I am a blogger. I love to know and share things related to finance. If you want an article related to such finance. So you can subscribe.

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