Saturday, February 21, 2009

TAX SAVING - SAVE MORE TAX VIA MEDICLAIM

WANNA SAVE SOME MORE TAX??? Read on...
Freinds, I have discussed in my earlier post various options where we can save tax till Rs 1 lakhs under Sec 80C of the IT Act. But what if we want to save some more tax?? Can we do that?? Are there options which will helps us save tax beyond Rs 1 lakh in Sec 80C?? The answee to all this is an emphatic YES.

The IT ACT provides us with an opportunity to save tax by buying medical cover for self/spouse/family. We can save tax over and above Sec 80c if we invest some money in buying medical cover for self/spouse/family.
The limit exempted is as under:

Rs 15000 - If we buy mediclaim cover for self/spouse/family.
Rs 20000 - If the cover is bought for senior citizens.

So, go ahead and get yourself a medical cover(mediclaim) from a good provider and ensure yourself from any medical exigencies and also get tax benefit in the process.

My suggestion is to do your due dilligence on policy exclusions before you zero in on the medical policy. Most of the companies dont cover pre existing diseases for first few years. So do your research well.

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