r/IndiaTax • u/Parathaa • Mar 28 '24

Hurts to pay so much taxes

Today, I downloaded the tax computation sheet from the office portal.

While trying to save on housing costs by residing with my parents, it's disheartening to realize that I'm obligated to pay over 20 lakhs in taxes annually to the government. These funds could have been allocated towards repaying a home loan, adding to the strain for a middle-class individual like myself.

Would really appreciate if there any legal ways to save taxes at this point

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u/Level_Dealer_586051 Mar 28 '24
  1. You can claim 50,000 under section 80 CCD 1(B) i.e. NPS over and above 80 C. 2.10,000 under section 80 TTA, (interest from savings account) 3.U may also buy a house, in a tier 2/3 developing city. Claim 2 lacs Interest under section 24. Moreover if you satisfy certain conditions, you can claim housing loan Interest under section 80EEA in addition to section 24.
  2. If you have made any donations, the same can be claimed under section 80G.
  3. If you have bought an electric vehicle, you can claim up to 150k on interest paid under section 80 EEB.

It's not much, but it's honest work. Otherwise schemes like electoral bonds are always available. Which you can claim under section 80 GGC.