My gross income is 9 lakh.
I have (EPF-95000,EGSLIS-4000,LIC-33500,HDFC home loan insurance-4000,Sukanya Samrudhi-1.5 lakh) coming under 80 C satisfying 1.5 lakh upper limit.
Availed Atal pension contribution-1200*12=1.4lakh, I think not beneficial for tax exemption.
A home loan under construction:-principal contribution-50000, Interest contribution:-70000
As the home is registered in my name so can I show it in 80C and 24b respectively.
Or could I show HR staying in rent (as the home is not ready)=8000 rent per month*12=96000
I also want to get benefit of NPS of 50000 under 80CCC in addition to 80C 1.5lakh tax benefit, but I queried in bank they are telling as I have a PRAN no against Atal pension yojana, another NPS can not be availed.
So pl suggest me how to plan.
Suresh-I saw that you spread your investment with sole goal of TAX PLANNING. But without any planned financial goals. I am not saying that tax planning is not good. But you must first understand your financial goals. Select a tax efficient product while investing towards those goals. Blind tax saving mantra will ruin your financial life. This is what a typical investors, especially salaried do and later on repent on the same.
I don’t know what is EGSLIS, also when you have EPF of Rs.95,000 then the shortfall is just around Rs.55,000, for which why so many dummy products like LIC, Sukanya Samriddhi, NPS, APY and so on…..
As you mentioned that you already took a home loan for under construction property. for this you can’t avail tax benefit until you will have the possession of property.
First understand your financial goals. Try to come out of bad products. Buy pure online term insurance to the tune of around 15-20 times of yearly income. Buy health and accidental insurance. Create an emergency fund of at least 6-12 months household expenses. Once they are finished, then try to start invest towards the financial goals which YOU DESIGNED but not YOUR AGENT. Avoid NPS OR APY for retirement.
I agree with Ur suggestion,but with due course of time LIC then Sukanya and then APY requirements came.So I cant discontinue those now.As i have to continue Sukanya for my daughter and APY for retiremnet life.So if U have any suggestion for retirement plan with tax benifit ,pl suggest.
Sir, This is regarding my home loan taken on Jan-2011 for a simplex from a builder.Till now after 5 yrs,the work is 70 % complete only.But the saledeed/kabala is done recently and handed over to bank.Builder has agreed to give possession on Mar-2016.I m paying principal-50000 and interest-70000.My section 80C 1.5 lakh limit has exhausted so no benefit from principal.Now how could I get the tax benefit from interest paid to bank.pl suggest
Suresh-As I already pointed, you will get the tax benefits from home loan ONLY after the possession of property.