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tax planning without home loan

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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.

Warm Regards,

Shweta, Certified Financial Planner,

Expert @ InvestmentYogi


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