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Double your tax savings!Your tax deduction limit under Section 80C can potentially increase from ₹1.5 lakh to ₹3 lakh. All your deductions could be doubled. Long-term capital gains from the stock market, which are currently exempt only up to ₹1.25 lakh, could be exempt up to ₹2.5 lakh, allowing for an additional income of ₹2.5 lakh to be tax-free. By establishing a Hindu Undivided Family (HUF), you can save a lot on taxes, as the HUF is regarded as a separate entity under income tax law, possess
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Deduction under Section 80DD/80U of the income tax act is allowed to Resident Individuals or HUFs for a dependent-who is differently-abled or has a disability and is wholly dependent on the individual (or HUF) for support & maintenance. Deduction is allowed for a dependant of the taxpayer and not the taxpayer himself. ( For taxpayer, same can be claimed under Section 80U) The taxpayer is not allowed this deduction if the dependant has claimed a deduction under section 80U for himself/herself. De
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