To get Income Tax Rebate, take advantage of exemption of 1 lakh even after the limit of 80C is over

Tax Rebate other Than Section 80C: There is only a few days left for the financial year 2021-2022 to end. In such a situation, by March 31, you will have to plan your investment so that you can get the benefit of tax exemption. Under Section 80C of Income Tax, there is a provision for tax rebate of up to Rs 1.5 lakh. Under this section, you can make many types of investments to get the benefit of tax exemption. But if you have exercised all the options under Section 80C of Income Tax (Income Tax Rebate Section 80C), then you still have one more option of tax avoidance.

You can also get some tax exemption under Section 80D (Income Tax Rebate Section 80D) of your income tax. In this, you also get a separate tax exemption of 1 lakh on taking health insurance. To take advantage of this tax exemption, you can take the help of health insurance of family and parents.

More benefits are available on health insurance of parents
Let us tell you that according to the Income Tax rules, you get the benefit of exemption of up to 25 thousand only on health insurance of a person below 60 years of age. On the other hand, on the exemption of a person above 60 years of age, you get the benefit of tax exemption above 50 thousand. If you buy a health insurance plan for both parents, then you will get a discount of Rs. 75 thousand. On the other hand, if you are more than 60 years of age and you buy health insurance for both yourself and your parents, then you can get the benefit of tax exemption up to Rs 1 lakh. With this you will get the benefit of health policy as well as the benefit of tax benefit.

Double benefit of buying health insurance
There are two types of benefits you get by buying health insurance. Earlier you would get exemption in income tax. On the other hand, you get the benefit of cover in case of any illness. Many insurance experts are of the view that health insurance should not be seen only as a means of saving tax. This is the most effective way for you to overcome the troubles of health related expenses in the future.

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