Women can save lakhs of rupees in tax, this is the best option for investment

Some tax benefits are also given to women in India. In such a situation, if a woman wants to avail the schemes, she should avail them very carefully. Tax planning can help women manage their income, save money and achieve their financial goals.  Here is some information regarding tax exemptions for women, under which you can save tax. Let’s know what are the tax saving options available for women.

What are the options to save tax

Women on their income Rs. 50,000 can claim standard deduction

Under Section 80C of Income Tax, tax saving schemes like Public Provident Fund (PPF), National Savings Certificate (NSC) and Employee Provident Fund (EPF) up to Rs. 1.5 lakh can be saved.

Tax saved on premium paid for health insurance policy for self, spouse, children and parents under section 80D.

Charitable organizations Donations made are eligible for deduction under section 80G.

Where does one invest to save tax

Sukanya Samriddhi Yojana: If your daughter is 10 seven or less, you can opt for Sukanya Samriddhi Yojana and invest annually in your daughter’s name till she turns 21. This is a high return scheme and is also tax exempt under Section 80C.

Equity-Linked Savings Scheme: One can invest in ELSS mutual funds to enjoy tax benefits under Section 80C.

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Public Provided Fund: PPF is a tax saving scheme with an annual contribution of Rs. 1.5 lakh can be invested and tax exemption can be claimed under section 80C. This is a long term investment scheme.

National Pension System (NPS): NPS under Section 80CCD(1B) Rs. Offers an additional deduction of up to 50,000.

Tax exemption on home loan too

Claim tax exemption on home loan if the home loan is taken in the name of a woman. can be done. Under Section 24 of Income Tax, a deduction can be claimed on interest up to Rs 2 lakh per year. At the same time, under Section 80EEA, a first-time home buyer on home loan interest of Rs. Can claim additional deduction up to 1.5 lakh. 

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