Key Points
You can invest up to 1.5 lakh in the National Pension Scheme (NPS) and avail a deduction for this amount from your taxable income under Section 80C..
Section 24 of the Income Tax Act permits homeowners to avail of a deduction for the interest paid on their home loan..
You must not own a house in the city where you reside in a rented accommodation.You are not eligible to claim this deduction if you already claim a deduction for home loan interest paid on a property you own in another city (under Section 24)...
This deduction assists in lowering your taxable income, which could result in tax savings. However, you cannot claim this deduction if the disabled dependent themselves claim a deduction under Section 80U for their disability..
There are four primary categories of donations eligible for tax deductions under Section 80G of the Income Tax Act in India..
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