What is the best strategy for tax saving investment for a ₹15 lakh income?

Asked 16d ago·5678 views

I am a senior software engineer with a CTC of ₹15 lakhs per annum. I already pay HRA of ₹18,000 per month for a 2BHK in Pune. My company provides free health insurance. I have a home loan with ₹15,000 monthly interest. What is the best strategy to minimize my tax outgo under the old tax regime? I want to maximize returns while saving tax.

Asked by Priya Sharma

1 Answer

Under old regime, with ₹15 lakh CTC, HRA of ₹2.16 lakhs, home loan interest of ₹1.8 lakhs, standard deduction of ₹75,000, and 80C of ₹1.5 lakhs, your taxable income comes down to approximately ₹7.79 lakhs, putting you in the 20% bracket. Your tax outgo is around ₹79,000. Key: claim HRA properly with rent receipts, maximize 80C with ELSS (not tax-saving FDs), and consider NPS for extra 80CCD(1B) deduction.

Answered by FinWiz24 Admin · 12d ago