{ "media_type": "text", "post_content": "Hi fishes, \n\nMy CTC is around 12 lpa per annum. How can i avail max tax benefits?", "post_id": "62edc7c18e557b002665d182", "reply_count": 11, "vote_count": 2, "bowl_id": "60f19b15fc523b002f774065", "bowl_name": "Tech India", "feed_type": "crowd" }
null

Hi fishes,

My CTC is around 12 lpa per annum. How can i avail max tax benefits?

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Home loan interest and principle can be availed 2 lakh approximate
1.5 lakh can be availed in ppf
50 k can be availed medical insurance
50 k in nps
1.5 lakh in vpf
50 natural deduction is there
If not home loan you can claim hra benefits

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Category 1:
A. 80D
(1) avail mediclaim for you, Sprouse and children - 25k
(2) avail mediclaim for parents - 25k
B. NPS
Invest 50k In 80CCD(2) which is over and above 80C 1.5 lakh limit
Total : 1 lakh deduction in Category 1
80C:
This has a limit of 1.5 lakh and can be flexibly set in one or many - ELSI Mutual Funds, LIC, PPF, NPS including PF from Payroll, Education loan, Savings account interest, etc.
Total : 1.5 lakh deduction in 80C.
Miscellaneous :
Apart from above if you are living on rented accommodation then you can claim HRA as per company policy. If you have taken homeloan then you can also claim upto 2 lakh on interest in seprate act and principle amount under 80C 1.5 lakh limit.
This will roughly give you some idea. I suggest you to have a look at your company's payroll portal and play with number to see the tax projection for FY and then declare your yearly investments. cheers.

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Thanks for detailed info. It is helpful.

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If your mother doesn't have any income, you can create a bond that you are paying her rent. HRA amount will be given in the offer letter of yours, based on that you can add the rent and that amount will be a tax exemption
If you are investing in ELSS/PPF, you can be exempt up to 1.5 lakh. Since the company already invests in PF, you can invest the remaining amount.
Standard deduction is 50k
So, if you invest 1.5 lakh and pay rent of 2 lakhs, your taxable income will become 12-1.5-2-0.5=8

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Okay, thankyou! ✌

Your experience?

4 yrs of exp

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