deduction for medical insurance is available from R15,000 to R35,000 subject to conditions.
* Deduction up to R10,000 is available for interest income on deposits in savings account (not time deposits) with a bank under Section 80TTA.
* Donation made to certain funds or charitable institutions are eligible for 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