INCOME TAX REBATE (FY : 2016-17)
Here are a number of ways by which you can save taxes other than the Rs 2 lakh permitted under Section 80C (including additional 50000 under 80CCD (1b) for NPS) Most taxpayers in India must be aware of Section 80C of the Income Tax Act which allows tax benefits of up to Rs 2 lakh. But there are a few other lesser-known sections of the Income Tax Act that can provide additional tax benefits to people. Of course, not all the sections will be applicable to everyone. So, let's take a look at the sections, their eligibilities, and the limits of the available deductions. Section 24(b): Deduction of interest on housing loan Under this section, interest on housing loan is eligible for tax deduction. Self occupied property will give you Rs 2 lakh. However, if it is not self occupied, then the full deduction is available. However, it won't be available until the property is fully constructed. Section 80D: Payment of medical insurance premium Under this section, pre...
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