7 thoughts on “Best Tax Saving Investments u/s 80C

  1. Dheeraj Sharma says:

    sr citizen scheme avalibele benfit 80c rs 1,50,000/-

  2. Hello Sir,
    I am a salaried person of 11.09 Lacks p.a. I purchased my first house in the name of my parents. But I have taken a home loan of 8 lacks for the house in parents name. Last Feb 2016, I paid the loan fully and closed the account. It was rented for 7500 p.m. Recently I have booked another flat in the name of me and my wife (who is right now a house wise with no income source). Took a home loan of 30 Lacks with HDFC Bank with the scheme that after possession on Dec 2018, I have to start giving EMI. Right Now I am residing with parents another old house. My question are that:
    1. Can I claim HRA by paying rent to parents for residing with them in their another old house? How much amount can I claim for tex deduction on HRA?
    2. Parents took home but took loan in my name and fully paid my me. Is that home will be consider as my 1st house as loan in my name?
    3. If earlier flat will be consider as my first house then for my second house how much amount can be claimed for tax deduction under sec 24 & sec 80C

    Mainak Das

    • The home loan benefit is available only if the house in the tax payers name (jointly or singly). It does not matter who pays the loan. Here are answers to your queries:
      1. Yes you can pay rent to your parents as per market rate of similar house and claim HRA tax benefit. There is no limit on how much rent you can pay. But remember this rental income will be added to your parents income (whoever is the owner of the house) and taxed accordingly.
      2. If the house is not in your name then you do not own the house even if you paid the loan. So this is not your first home.
      3. The new house you bought is your first home and you can claim tax benefit as such.

      Let me know if you have more queries.

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