Investment options in india to save tax
Smart investors would save tax by investing in best tax saving options and get higher returns too. Which are the Top and Best tax saving investments options available in in India to save tax under income tax act 80C and beyond? What are the Best tax saving plans available for salaried employees and business men? Which are the good tax saving investment options in that helps you investment options in india to save tax tax and provide amazing returns to you?
Top 10 Mutual Funds for which can create good wealth in medium to long term. Top 2 — Public Provident Fund. Interest rates on PPF account which was favorite once upon a time are reduced year on year even now.
However, this is still one of the best investment option to save income tax in India now. Top 3 — Sukanya Samriddhi Account Scheme. This is one of the old and best investment plan to save income tax under section 80C of IT act.
This tax saving scheme provides assured returns for Senior Citizens. Principal amount is safe as they are backed by Government. This tax saving scheme is for new investors. Voluntary provident fund is the contribution from employee to his provident investment options in india to save tax account. However, there is no bound from employer to contribute to this VPF.
In Tier-1, you cannot withdraw your investment before retirement. Means, your money would be locked till retirement excluding certain conditions where you can withdraw. However, this can be a good retirement tool to accumulate retirement corpus amount. National Saving Certificate is issued by Post offices and principal along with interest is backed up by the Govt. Hence, these are safe investment options.
Top 12 — Life Insurance Plans. Taking a Life insurance is first step in a financial planning. Top 13 — Home Loan Principal Repayment.
If you still not brough your dream home, you can go for one now and get tax exemption on home loan principal repayment Interest is exempted from tax upto Rs 2 Lakhs which is covered in next point. You are eligible for tax exemption for the repayment you make towards your home loan principal. If you do not have home, you can consider this as priority and get tax exemption too. Top 14 — Interest on Home Loan — Section You can take home loan and claim interest on home loan rebate upto Rs 2 Lakhs over and above Rs 1.
However, the only condition is that it should be self occupied property. You cannot claim such exemption on rented properties. If you are first time home buyers, you can claim an additional rebate of interest on home loan upto Rs 50, per financial year until you repay the amount. Top 16 — Pension Funds. Pension funds provide with an income stream post retirement. They have Deferred Annuity and Immediate Annuity. These top 16 tax saving schemes would help you to invest under section 80C up to Rs 1.
You need not consider all options. You investment options in india to save tax consider some of these tax saving investments which are best suitable to you based on your investment tenure, risk appetite and features indicated here.
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