Tax Saving Options Beyond Sec 80C

As per the income tax under sec 80C deductions, you can invest up to INR 150000 to save on your income tax but there are more ways to save taxes other than 80C. There are various other methods for deductions under Section 80 you can use to save on income tax.

For example, income tax benefits on home loan interest and health insurance policy premiums payments.

You can buy medical insurance policy and can claim a deduction up to Rs. 25,000 for medical insurance premium payment and in case of senior citizens, this limit is INR 50,000 for any financial year.

You can also claim deduction on home loan interest payment for upto INR 50,000 under Section 80EE. If you are looking to buy a home, you can take home load and can further save up to INR 150000 on home loan as the principal portion of home loan can be claimed under Section 80C upto Rs 1.5 lakh and the interest portion can be claimed as a deduction from income from house property.

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