There is more to tax exemptions than just investments From Pu | Credclub

There is more to tax exemptions than just investments

From Public Provident Fund to equity-linked savings schemes to ULIPS to tax-free fixed deposits, all these ways are definitely open for tax exemptions. However, are you aware that there are certain expenses that, if incurred, qualify for tax deductions as well?

Consider premiums paid for health insurance. One can avail of an exemption of Rs 25,000 for health insurance premium paid. Be it for yourself or your spouse and dependent children. In case, you pay for your parents' health insurance as well, and in case they are below 60, then you can claim an exemption of Rs 25,000 on their behalf as well. If they are above 60, then the exemption limit extends to Rs 50,000.

Even tuition fees for children. One can claim a tax exemption of up to Rs 1.5 lakh. If you have taken a higher education loan from a charitable or financial organization, you can claim this exemption for 8 successive years beginning from the year you paid interest for the first time.