Best Salary Structure For The Maximum Tax Benefit

Hello all
My Company allows me to structure my package as per my convienience to avail maximum tax benefit. Could you please let me know how can I adjust following compensation package for the same?
Fixed/Basic Component :- 250,000
Flexible Benefit Plan :- 300,000
PF+Gratuity :- 50,000
I can adjust flexible benefit plan as per my choice and it can include
1. Medical Allowance
2. Conveyance Allowance
3. Leave Travel Allowance
4. HRA
5. Flat Allowance i.e. Fully Taxable and amount pending after above all benefite.
Thanks in advance.
Regards
Anand Sancheti

Dear Anand,
The flexible component can be designed as-
Medical Allowance- Rs. 15000/- per year
Conveyance Allowance- Rs. 9600/- Per year
Child education Allowance- Rs. 100/- per month per child for a maximum of 2 chilren
Sodex coupons- Max. upto Rs. 2500 per month
LTA- you can keep any amount as LTA becuase once you produce proof of travel- yourself or your dependents( only domestic air tickets are reimbursable)
Rest any allowance is taxable.
I hope I was able to help you in formalating your salary to some extent at least.
Regards,
Renu.