Q: I have invested Rs 1 lakh in Section 80C and Rs 15,000 in Medical Insurance. I do not have any home loan. Please suggest me how best I can work on reducing further tax on my income.
Answer: You can look at restructuring your salary and claiming HRA, if you are living in a rented accommodation. If you take a home loan, there is an additional Rs 1.5 lakhs deduction (self occupied house; no limit for a house that is let out) that you can claim on the interest amount.
Shweta, Certified Financial Planner,
Expert @ InvestmentYogi