Whenever it comes to paying tax out of their hard-earned money, everyone tries to avoid paying their thick earnings as tax through all kinds of investments. Here we are going to tell you about 5 such expenses, on which you get tax exemption. So let us know what are those five types of expenses, from which you can save in tax.
Not only tuition, pre-nursery fees are also available
It is known to everyone that there is a tax exemption on tuition fees of children, but very few people know that if the child studies in play school, pre-nursery and nursery, then the tax exemption on his fees is also available Can. This system was introduced in 2015. Under Section 80C you can get tax exemption up to a maximum of 1.5 lakh rupees. However, this benefit is available only on the fees of up to two children. If the children are twins, then up to three children can be taken advantage of.
You can also get a discount on buying a new house
While buying a new house, you have to pay stamp duty and registration fees. If you wish, you can avail tax rebate on these. This benefit is also available under Section 80C. Keep in mind that you can claim this exemption by claiming it in the same financial year, in the financial year in which you bought the house.
If parents pay interest
If you have taken a loan from your parents for some work or to buy a house and are paying interest on it, then you can also take advantage of income tax exemption on the interest paid to them. This exemption up to 2 lakh rupees is available under Section 24B. You must have proof of paying interest to parents.
House rent paid to parents
If you live in your parents’ house and pay rent for this, then you can take advantage of tax exemption on it. You can avail this benefit under section 10 (13A). Under this, you can claim 50 percent of the HRA or basic salary received by the company or more than 10 percent of your salary, whatever is less in your rent.
Take exemption in expenses for treatment of parents under Section 80D
This we all know that in old age, diseases surround more and more treatment is spent. If you bear these expenses then you can get tax rebate on them. This exemption is available under Section 80D and under this, you can claim a rebate of up to 50 thousand rupees.