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Education Loan Interest
Up to Rs. 1,50,000 can be deducted from an individual's income for tuition fees paid to any indian educational institution. This covers playschool, pre-nursery, and nursery sessions for two children enrolled full-time. Please be aware that contributions, development fees, and other such costs are not reimbursed.
Under Section 24(b), individuals can claim up to Rs 2 lakh per year for interest paid on home loans for self-occupied properties. Additionally, the principal repayment qualifies for a deduction under Section 80C, though these benefits are available only under the old tax regime.
Rent Paid
There are several ways for taxpayers to reduce their tax bill thanks to these rules. It is advised that you seek the advice of a financial counselor or tax specialist to properly navigate these possibilities and comprehend the particular regulations that apply to your circumstances.