Tax Saving Options for Salaried Employees in 2023

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home loan tax benefits available to them, they cannot sell their home within five years of buying it. Doing so would lead to the income tax benefits that one has claimed getting automatically reversed. Further, only those home loan borrowers can claim tax benefits under Section 80C who are also co-owners in the property.

Under Section 80D of the Income Tax Act, one can claim tax benefits on medical expenses. Under Section 80D, one can claim tax deductions on medical insurance premiums that one is paying for their self, family members, and dependent parents. One can claim tax deductions up to a maximum of Rs.25,000 in the case of medical premiums made towards oneself or family.

If one is paying a medical insurance premium for parents who are also senior citizens, one can claim up to Rs.50,000 under Section 80D. Further, salaried individuals can also claim an additional Rs.50,000 on money spent towards covering the medical expenses of a senior citizen parent. However, one can claim this amount only if the amount is not covered under the health insurance policy.

One can also claim an additional Rs.5,000 spent towards the health check-up of self or family members under this section of the Income Tax Act. Salaried individuals must know that sometimes their employer will deduct Mediclaim premium directly from their salary. One can also claim tax benefits on such deductions while filing taxes at the end of the year.

If a salaried individual has availed themselves of an education loan to fund their education or the education of a spouse or children, they can claim tax deduction on the interest component of the loan under Section 80E of the Income Tax Act. There is no maximum limit mentioned under this section. Further, even if a