Income Tax Savings: Income tax can be saved in these 4 ways, very few people know

Income Tax Savings: Employed people are very worried about income tax exemption… If you are also wondering how to save maximum income tax, then today we will tell you about some special ways to save tax, which you might not know about. You can save tax by investing before March 31.

Let us tell you in what ways you can save tax-

1. Tax exemption on children's fees

You can also avail tax exemption on your child's fees. If your child is studying in a playgroup or is in pre-nursery or nursery, then you can also take advantage of this. You can avail this exemption under Income Tax Act 80C. Only maximum 2 children can get this benefit.

2. Save tax through insurance

Apart from this, you can also save tax by taking health insurance for your parents. You will also get the benefit of tax exemption on health insurance premium. If your parents are below 65 years of age, you will get the benefit of tax exemption on insurance premium up to Rs 25,000. At the same time, if your parents are 65 years of age then you will get the benefit of exemption up to Rs 50,000.

3. Get tax exemption on medical expenses

You can also avail tax exemption on the medical expenses of your parents. One condition to avail this benefit is that your parents should be 60 years of age or older. At this age everyone needs more medical expenses. You can avail tax exemption on these expenses. In this you can get tax exemption under section 80D. In this you can avail a maximum discount of up to Rs 50,000.

4. Claim HRA like this

Many people live with their parents so they are not able to claim HRA, but if you pay rent to your parents, you can claim HRA. Under Income Tax Act 10(13A), you can avail tax deduction on HRA by showing your parents as tenants. In this you can show that you are paying rent for the house. At the same time, if you are taking any other type of housing benefit then you will not be able to claim HRA.