Rent to parents
You can avail HRA exemption if you pay rent
to your parents. The exemption will be least
of the following: A) HRA received B) up to
50% of salary C) Rent paid minus 10% of
Taxpayers can claim deductions worth Rs. 1.5 lakh for buying pension products. Taxpayers can also claim additional benefits of Rs. 50,000 by contributing to NPS.
If you donate money to a charitable
organization, you can claim an income tax
deduction on it. There's no upper limit but
donations above Rs. 2,000 made in cash
can't be allowed as deductions.
You can claim up to Rs. 25,000 for paying medical insurance premiums. If parents are senior citizens, a deduction worth Rs. 50,000 can be made.