Seeking Advice: How Can I Save Tax Beyond 2 Lakhs with Loans and Expenses?

Dear friends,

Greetings to all!!!

Can anyone suggest ways to save tax beyond 2 lakhs? I have heard that tax exemption up to Rs. 1 lakh is given if a house loan is taken. Are there any other ways/schemes for saving tax after 2 lakhs? I also want to know whether conveyance, communication, LTA, medical expenses are exempted from tax.

Hoping to get your valuable suggestions.

Regards,
Upkar

Dear Sir,

Thank you for replying, but it was not what I am looking for. I want information regarding tax savings beyond 2 lacs, meaning what are the options available for saving the third lakh of income? I hope you understand my query. Please review it again.

Regards,
Upkar

Exemptions:

Conveyance is exempt up to 800 per month, i.e. 9,600.
Medical reimbursement is exempt up to 15,000 per annum.
LTA is exempt once in two years, includes travel costs within India, plus there are other restrictions.
Children's education fees are also exempt up to a certain limit.
Up to 1.5 lakhs is exempt from tax if it is paid as interest on a housing loan.

Deductions:

Up to 1 lakh can be saved under various schemes (under section 80C), avoiding paying taxes on the savings. You get a rebate on tax payable.

Hope this info is useful. Details can be checked on the income tax website.