6 Replies to “what is the maximum saving benefit in the payment of income tax?”

  1. In addition to 1 lac under 80C, you can also avail income tax benefit under a) 80D upto a limit of 15k paid for health insurance premium,
    b )donations made to eligible NGO/outfits under 80G.
    c)I n case you have availed of an education loan, the interest paid by you is eligible for deduction from taxable income under 80E.
    d) In home loan, the principle repayment is part of the 1 lac under 80C but under 24B, you get deduction upto 1.5 lacs for the interest paid in the year.

    In case of any other personal finance related query, write to me at chaitali attherate transcend-india dot com.

  2. For FY 2008-09 u ca save :-
    U/s 80C Rs 1 Lac
    U/s 80D i.e Mediclaim 35000 ( ur Parents 20000, incase they are senior citizens else rs 15000, & urs 15000)

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