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