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Invest up to Rs. 2.35 lakh and save income tax u/s 80C and 80D
Section 80C (up-to Rs. 150000/-)
Life Insurance Corporation of India (LIC of India)
- Life insurance premiums are exempt under section 80C
- All maturity returns are also tax free.
- We offer all LIC of India policies
Equity Linked Savings Scheme (ELSS)
- Investments in ELSS mutual funds are exempt under section 80C
- There is a lock-in of three years, all returns are tax free
- We offer all ELSS mutual funds from all Fund houses in India OFFER: ZERO Brokerage demat account when you invest through us.
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Section 80CCG (up-to Rs. 50000/-)
Rajiv Gandhi Equity Savings Scheme (RGESS)
- Aimed at first time investors who have not bought shares/equities using a demat account before
- Maximum amount eligible for tax exemption is Rs 50000/-
- Dividend payments are tax free
- We offer many RGESS options.
Section 80D (up-to Rs. 35000/-)
Health Insurance for Self and Dependents
- Invest in a health insurance policy from LIC or Star heath and claim a deduction of Rs. 15000/- (Rs. 20000/- if Sr. Citizen)
- If you already have a company/government provided health insurance you can take a top up plan to increase the health cover. Premium for a top up plan is as low as Rs. 4300/- for a Rs. 5 Lakh deductible.
- We offer LIC’s Jeevan Arogya and all health policies from Star Health
Health Insurance for Senior Citizen Parents
- Invest in a health insurance policy from LIC or Star heath for your senior citizen parents and claim a deduction of Rs. 20000/-
- This Rs 20000/- is in addition to exemption of Rs. 15000/- made for self and dependents
- We offer LIC’s Jeevan Arogya and all health policies from Star Health
- We offer LIC’s Jeevan Arogya and all health policies from Star Health
INCOME TAX SAVING TIPS:
- Investment should never be done only for tax savings, but if you have options that help money grow and save tax you should take it.
- LIC of India, ELSS and RGESS can all be taken by breaking investments as monthly installments. Make use of it to spare the burden on cash flow in February or March.
- A person in 30% tax slab should never let lot of money idle in your savings or fixed deposits. Mutual funds offer a much better tax efficient avenues, there are debt funds or arbitrage funds that offer much better tax saving avenues.
- Hold on to your equity Mutual Fund for at least one year from purchase.
- Hold on to your debt Mutual fund for at least three years.
- Hold onto your real estate for at least 3 years. Gains can be reinvested or bonds can be purchased to save taxes on returns from real estate.
- Invest in tax saving bonds to get a tax free returns compared to Fixed Deposits(FD) and Recurring Deposits(RD).
- Keep in touch with your financial advisor to know more tax saving avenues on investment.
Divya is a Financial Advisor at DivyaAdvisor.com. She has MBA(Finance) from BIT,Mesra,Ranchi and authorized distributor of financial products listed below. Products: LIC of India, Star Health, Shares and all Mutual Funds Houses in India Others: Tax Free Bonds and Real Estate Advisory
