Look beyond the obvious for tax-saving instruments

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SummaryIf you are among those who rush to buy tax-saving products at random just before the close of the financial year without any long-term planning, you may be hurting your long-term financial health.

deduction up to 100% or 50% as provided under Section 80G.

* Finally, under Section 24 the amount of interest you pay on home loan can also be claimed as deduction subject to the limit of R1.5 lakh. This is outside the deduction available for principal repayment on the loan available under Section 80C.

Remember, these are general avenues available for tax planning. That apart, benefit of certain specific tax deductions may be claimed on a case-to- case basis.

The writer is managing partner, Nangia & Co. Inputs

from Neha Malhotra

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