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Tax Hacks-Video

What are the deduction limits under section 80D for health insurance?

You are eligible to avail a tax deduction up to Rs. 25,000 in a financial year, under Section 80D for the premiums paid against a medical insurance policy. The deduction is available on the health plan premiums paid to cover yourself along with your spouse and children, provided none of the beneficiaries of the plan is above 60 years of age.

In case, you are paying the health insurance premium for your parents (ageing 60 years or more), you can claim tax savings up to Rs. 50,000 in the given fiscal year. Thus, you can accrue tax deductions up to Rs. 75,000 as deductions under 80D, if you are paying a health insurance premium for both your family and senior citizen parents.

Further, you are also entitled to receive tax reduction on preventive health checkups annually. Therefore, you can claim any expenses incurred for preventive health checkups for your family and parents, up to a …

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I donated money to Kerala Flood relief fund this year. Am I eligible for any tax deductions?

Donations that were made to specific relief funds and registered charitable institutions are eligible for tax deductions under Section 80G of the Income Tax Act. Donations made by cheques, DDs, cash or bank transfers are eligible for deductions. However, cash donations more than Rs. 2000 are not eligible for tax deductions.

If you made donations in kind like ordering food supplies or any other products for the people of Kerala afflicted by the floods, then you cannot avoid any tax deductions.

While filing for returns make sure that you have a receipt of the donation with name, PAN number and address of the organisation that you are making the donation to.

Tax Deductions Available

There are two types of deductions available on donations made to Kerala flood relief – one with a limit and other without a limit. The limit on deductions mainly depends on the institutions or the o…

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What are the deductions available for home loan repayments?

If you have taken a home loan, you may be eligible for deduction under section 80C and 24(b). While the principle you repay on the home loan is eligible for deduction under section 80C, homeowners can also avail tax deductions for up to a maximum of Rs. 2 lakhs on the interest paid against their home loan. Whether you reside in the residential property or leave it vacant, you are eligible to receive the amount mentioned above as tax deductions.

On the other hand, if you give out the property on rent, you can claim a deduction for the entire interest on the home loan. However, your deduction on the home loan interest repayment; however, can only be up to Rs. 30,000 instead of the higher limit of Rs. 2 lakhs, if both the following conditions are fulfilled:

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Is leave encashment taxable as salary?

Every salaried employee is entitled to leaves like casual, sick, earned or annual. Most of these …

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I have a sibling who is mentally challenged and totally dependent on me. Is there a provision to claim the expenses to reduce my tax liability?

If you have a dependent with a disability or even severe disability, then you can claim tax deduc…

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What is a gift tax? Everything you need to know

Let us take you through some of the rules and key points to remember about taxes on gifts this se…

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I am unable to save a lot due to the school fee payments? How do I maximise my tax deduction this year?

If you are a parent and your kids are attending school, you can claim the fee paid towards their …

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What all can be claimed under section 80D? 

All insurance plans which cover any health issues are covered under section 80D. This will includ…

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Section 80C Deduction: How much can you save under section 80C?

Several investments options and expenses are eligible for tax deductions under Section 80C. In to…

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What are the tax benefits of investing in Sukanya Samriddhi Yojana?

Investments into Sukanya Samriddhi Scheme are eligible for tax deductions under section 80C. Unde…

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What can be claimed as expenses for leave travel allowance? 

Salaried Employees who get leave and travel allowance as a part of their CTC, can claim a tax ded…

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What if I cannot file the Income Tax Return on Time?

If you fall under the taxable bracket, then filing Income Tax Returns is necessary. Delay in fili…

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What is covered under 'Income from other Sources'?

Income from other sources, which is the last among the five heads of income sketched out in the I…

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What is the maximum amount that can be claimed as a deduction for education loan?

The Section 80E of Income Tax Act 1961, allows tax rebate on payments of educational loans taken …

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What tax benefits are there on saving for retirement?

By starting early on your retirement savings, you can easily ensure that you have enough finances…

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Who can claim deduction under section 80U and how much?

Any resident individual who has been certified by a medical authority as a person with a disabili…

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Should I File Return for Loss (Negative Income) As Well? Will I Have to Still Pay Tax?

Yes, you must file ITR (Income Tax Returns) for negative income or losses. While filing ITR, you …

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If my income is taxed abroad as well as in India can I claim any relief on account of double taxation?

In many cases, if you are living abroad and have an income source in India, the income attracts t…

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I don’t receive HRA, how can I claim a deduction for the house rent?

If you are self-employed and are making payments towards rent for an unfurnished or furnished res…

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If I forget to submit any documents to HR, how can I claim tax benefit?

For the majority of the companies, the last date for the employees to submit their investment pro…

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I Just Got My First Job. How Can I Start Investing to Save Tax?

Investment habits when inculcated early in your life can lead to a stress-free financial future. …

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How can I save tax on the capital gain from the sale of house property?

When you make a gain on sale of house property, you are liable to pay taxes on your gains. If thr…

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Do I Still Need To File My Tax Returns, If It Is Less Than Rs. 2.5 Lakhs?

A majority of people think that if their income is less than Rs. 2.5 Lakhs, they are not liable t…

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Do I Need to Pay Advance Tax? What if I Cannot?

If your net tax liability after the adjustment of TDS is more than Rs. 10,000 per year, then you …

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Salary Allowances in India: Are All Allowances Taxable?

Taxpayers are usually aware of deductions under Section 80C of the  or which th…

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I received gifts during my wedding. are they taxable?

Gifts received during a wedding by a newly-wed couple are tax exempt if the immediate family of t…

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