Tax saving options

Dear Govardhana, May I know if you have any dependents? Do  you have health insurance cover? Also, share details about your Financial Goals. Meanwhile, kindly go through the below articles;

• Think beyond TAXES when investing...!
• List of Income Tax Deductions for FY 2016-17.
• Tax treatment of various Financial Investments.
• IT declaration & Investment proofs list.

Hi Sreekanth, I have taken health insurance for my parents (dependents) for 10 lacs, And my company is giving the health insurance for myself by default( 4 lacs coverage) and I thought of taking separate health insurance once I get married so that my spouse can also cover. About Financial goals 1. I am thinking to save some decent amount of money at the retirement age (58 years)2. I am planning to go for home loan in coming 2 to 3 years. Kindly suggest accordingly Regards,Govardhana K J

Dear Govardhana, In-case if you do not have adequate life cover, suggest you to buy a Term insurance plan (if parents are dependent on you). Else you can buy a term plan after your marriage. The premiums paid towards term plan can be claimed under Section 80G. Read: Best Term insurance plans. Though premiums paid on a Personal Accident insurance plan are not eligible for tax deduction, suggest you to have one. Read: Best personal Accident insurance plans. For a long-term goal like retirement, you can consider investing in an ELSS fund. You can claim tax exemption under section 80c. Read:

• Retirement Planning goal calculator.
• Best ELSS Funds 2016.
• List of best investment options.

If you are planning for acquiring a property through a home loan, you may start saving in RD + short term debt fund for next 1 to 2 years, to meet your down-payment requirements. Read: Best Debt Funds 2016.