About Tax Benefits
Every year, a person files for income tax. He considers numerous alternatives to save tax money. Any of the appropriate ways to deduct money from tax payments are mortgage loans, auto loans, or the purchase of a health insurance policy.
Did you have any idea that by making investments in your beloved children, you can also save money?
The most caring and essential part of our lives is children. Despite rising expenses, parents do their utmost to have all of the world’s facilities, such as facilities related to schooling, health or any other activities.
You are liable for tax benefits under Section 80 C if you make an investment on behalf of your child in the amount of Rs 1 Lakh.
There are several ways in which only the tax system can effectively reduce its cash flow:
The required method for earning and learning is schooling. It is very costly to receive higher education, and so one should prepare well in advance. The Education Loan is the most significant loan that can be used to provide their children with quality education. Under Section 80 E of the Income Tax Act, the interest charged on the credit is completely deductible.
Tuition Fee Expenses
If you are paying tuition fees whose value does not exceed 1 Lakh you will experience a tax benefit of Deduction under Section 80 C. Tuition fees are only valid if your child is only studying at a college, college or university located in India.
Health Insurance Premium
As a parent, your job is not limited to providing a good education, but also providing health facilities. A medical emergency will arise someday, and it will cover all health-related costs if you have taken advantage of health policy.
For the premium you pay for health insurance for your kids, you will get a cumulative deduction of Rs 15,000 per year.
Investment in your child Name
An investment in the name of your youngest child is a safer way to raise your profits. For your pension, the pension you received from this investment will be clubbed together. Only up to two children are permitted.
Build trust in your child’s name
The easiest way to save tax is to create a trust in the name of your minor child. Your personal revenue will not be clubbed into the revenue that comes from this confidence.
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