Spend On Your Children and Get Tax Benefits
Bangalore: We all look for different ways to save money from paying tax. Taking a home loan, car loan or buying a health insurance policy, are some of the easiest ways to reduce your money on tax payment.
Moreover did you know that you could save money on tax even by making an investment on your children?
Children are the most important part of our lives. Despite raising expenses we make sure that we give the best to our children. Be it education, spending on their health and indulge them in extra activities to name a few.
However section 80c of the Indian constitution says that if you make any expenses or investment in your child’s name which is within 1 lakh, you will be eligible for special tax benefits.
“Economic Times” has listed out 7 ways that will help you reduce your tax outflow.