4. Consider Equity Linked Saving Scheme

Equity Linked Saving Scheme is essential for salaried women with long-term goals. Long-term goals could be retirement, education of their children or marriage of their children. In order to create wealth, allocation to equity is important and this need can be met by investing at least 50000 out of the total 1.5 lakh into various ELSS schemes and there also the mode of investing should be Systematic Investment Plan rather than lump-sum. 

5. Other factors to be considered

Apart from this, for the purpose of saving taxes, women can also make investments in Infrastructure Bonds till 20,000 and in other instruments like insurance policies, unit linked insurance plan, equity linked savings schemes etc.

If a lady lives in a rented apartment or a rented house, she should claim House Rent Allowance and other tax benefits. For this, two fundamental factors should be taken into account: the actual rent allowance provided by the employer, which is 50 per cent in metro cities and 40 per cent in non-metro cities, the actual rent being paid by the employee for residential purposes from which 10 per cent of basic pay is subtracted. Wherever these deductions are applicable, they should be claimed by the employee.