– Repayment of the principal amount of a home loan: An individual is entitled to tax deductions on the amount paid as repayment of the principal component on the housing loan.

– Also, Taken a Home loan from Friends or Relative to buy a new house? Interest payment can be claimed as a deduction under section 24.

– Joint home loan borrowers can claim the maximum tax benefits individually. It means each holder can get a tax rebate of Rs. 1,50,000 for principal repayment under Sec 80C and Rs. 2,00,000 for interest payment under Sec 24.

– Exemption on medical bills of uninsured parents – If you have senior citizen parents who are not covered under any insurance policy but took medical treatment, taxpayers can claim a deduction on their medical bills u/s Section 80D up to Rs 50,000.

Tax planning:
– Tax Loss Harvesting: Many investors are not aware that their pending losses in portfolio can be planned and balanced off against gains.