7 Tax Saving Tips That You May Not Have Known

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There are several tax saving schemes under Sec 80C and tax benefits that you get on HRA, medical benefits etc., that you may know. Here are a few other tax saving tips that you may not have known.

Paying Rent to Parents

If you are staying in your parents house, it's best to pay them rent and claim tax benefits that are given for House Rent Allowance.This way your parents can earn some rent and you can get tax benefits.


Setting Off Capital Losses Against Capital Gains

If you have made short term losses in stocks or other capital assets, make sure you mention the same in your returns in a particular year. This is because, you can set off the losses against capital gains in the subsequent years.

Contribution To Political Parties

By contributing to political parties you can avail tax benefit under Sec.80 CCG of the Income Tax Act. However, one can contribute only 10 per cent of one's gross total income.

Stamp Duty Registration Fee on House Property

You can claim tax benefits under Sec 80C of the Income Tax Act for stamp duty and registration fee paid for purchase of a house property. Not many people know about this provision.

Both Joint Owners Can Claim Tax Benefit

By opting for joint ownership, both the owners can claim tax benefits, whether it is on stamp, registration or other benefits on housing loans etc. 

Tax Saving Tips

Did you know that the interest paid on education loan qualifies for tax benefits. This is also a part of Sec80C of the Income Tax Act.

Read more about: tax saving
Story first published: Saturday, October 25, 2014, 8:09 [IST]
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