BANGALORE: Tax payers making their investment in a hurry to minimize taxes is the most common scene the end of every financial year. And, the most hurried and worried ones are the salaried individuals, whose tax savings depend upon their salary every month. Tax planning is actually easy for salaried persons when compared to self-employed or businesspersons. However, the salaried class often neglects to do needed tax planning, and ends up spending their hard-earned money. Listed below are the simple ways for the salaried individuals to save taxes.

House Rents: Either you live in your parent’s house or rented house, both can save taxes from your income.

If you are paying rent and not receiving House Rent Allowance, under section 80GG, you can claim 25 percent of the total income or 2,000 per month or excess of rent paid over 10 percent of total income. Staying in parent’s house, pay rent to them and claim HRA benefits. Don’t forget to submit the rental receipts and proof of cheques given to your parents as rent.

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