POSTED BY July 10, 2012 8:21 pm COMMENTS (13)
ONHi,
I belong to the highest Tax Bracket. I have a house Loan so under 80c I can declare upto 1L under 80c deductions (Even though I have term insurance but my House Loan interest covers upto 1L) and under section 24 it is 1,50,000.
I do not have a second house.
Is there anyway I can save more tax.
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Had a chat with Ashal regarding the Mediclaim Insurance premium. Here is the breif story
Me: As my company and my wife’s company provides the medical Insurance why should we buy another one?
Ashal:
Risk 1:say if I change my Job and in between joining the new company
Risk 2: In future if your company feels its a cost cut and remove the policy
Me: Those are a very good points and I agree to them and going ahead in buying the Medical policy for my family. Now the other question is, if any of my family members fall sick, from where should I claim, from the company provided one or the self taken?
Ashal: It is always better to claim from the company rather than self, because claimless policies will get NCB (No Claim Bonus)
Me: Thanks Ashal for clearing all my doubts.
Thanks,
Madhava ram
Dear Madhava, now the real job starts, please go ahead & purchase the policies as per your requirements. This discussion is of no use if there is no action at the end of the day.
Please feel free to ask in future also. This forum belongs to all of you.
thanks
Ashal
Sorry Ashal, I was writing the reply and could not see your response.
Thanks for the reply and could you please clarify about the Medical Insurance premium for parents under 80D can be claimed only if parents are above 60 years of age. is that correct?
If yes should we submit any senior citizenship certificate or so.
And the other option is buying a second home where we get un-limit tax exemption on Interest component.
Thanks,
Madhava ram
Thanks Ashal for the information.
I read in an article that the Medical Insurance premium for Parents under 80D can be claimed only if parents are above 60 years of age.
Could you please give us some information on
Direct Investment in Equity under RGESS and
Long Term Infra. Bonds, Tax Saving Bonds (Section 80CCF)
What is the max limit?
Thanks,
Madhava ram
Dear Madhava, as you said both are working, Father & FIl, I knew that both are under 60Y age, hence the eligible prem. amount ‘ll be 15K for their policies.
Bonds are already out of question.
Thanks
Ashal
Hi Ashal,
Does that mean myself and my wife can utmost declare 2 and half lakhs for IT. Under 80D for mediclaim we can declare upto 15,000 per annum individually or both together?
Apart of 80D mediclaim are there anywhere we can save taxes like Infrastructure Bonds, Tax saving Bonds???
My Father and my father-in-law are still working and they are not dependants on us, so we cannot pay their mediclaims I think.
Thanks,
Madhava ram
Dear Madhava, no matter your parents are dependent or not, still you for your own parents & of course your wife for her parents can purchase mediclaim policies.
For total 4 policies, the combined max. prem. limit eligible for tax benefit ‘ll be 15K self + 15K your parents & similarly 15+15 for your wife.
Thanks
Ashal
Dear Madhava, no, the infra bonds or tax saving bonds are not available any more.
thanks
Ashal
Hi Ashal,
House is self occupied and I am paying 2L towards principal and 3L towards interest.
Thanks,
Madhava ram
Dear Madhava, the house is single ownership or joint ownership?
Thanks
Ashal
Hi Ashal,
It is joint ownership. Myself and my wife, we both have the declarations for Income Tax as 1L towards prinicipal and 1.5L towards interest individually.
Thanks
Madhava ram
Dear Madhava, then the scope for both of you lies only beyond 80C & Section 24, like mediclaim prem. under section 80D. For self & parents.
Thanks
Ashal
Dear Madhava Ram, the house in quesrtion is on rent or self occupied & what actual interest is being paid by you on this home loan?
Thanks
ashal