Income Tax: Claim these 5 deductions without any investment

Income Tax: There are certain things that are not considered investments, as you will have to do it in any case, but can certainly claim tax deductions on them.

The money spent on preventive health check-ups can be claimed for tax deductions under Section 80D. Photo credit: Pixabay

The Income Tax department provides various deductions to taxpayers to reduce their tax liability. However, you will have to invest or save money to claim benefits of most of these deductions. But there are certain things that are not considered investments, as you will have to do it in any case, but can certainly claim tax deductions on them. Let's have a look at some of them.

Children's Tuition Fee

You must be paying the tuition fee of your child. This qualifies for a deduction under Section 80C. So, parents paying tuition fees can claim a deduction of up to Rs 1.5 lakh or can be clubbed with the deduction for insurance, provident fund, pension etc

Home loan principal repayment

If you are paying home loan EMIs, you can claim a deduction from taxable income for both the principal as well as the interest portion of your EMIs. Under 80C, the maximum deduction allowed is Rs 1.5 lakh or the principal amount paid - whichever is lower.

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Home loan interest payment

The interest paid on a home loan qualifies for deduction under Section 24. You can claim a deduction on the amount paid or Rs 2 lakh, whichever is lower.

Payment for preventive health check-ups

A lot of people these days opt for preventive health check-ups. While some opt for half-yearly others go for it annually. The money spent on preventive health check-ups can be claimed for tax deductions under Section 80D. Rs 5,000 is the maximum limit for this.

Income earned from interest on savings account

Those who have earned interest on a savings account qualify for a deduction under 80TTA. The maximum amount that one can claims as a deduction in a financial year is Rs 10,000.

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