Here's how your family can help you save taxes

These deductions are over and above section 80D limit of Rs 25,000 for health insurance premium paid for dependants, self, and spouse.

Apart from this, you can also avail deductions on annual medical check-ups for up to Rs 5,000 for expenses incurred; this includes check-ups for all family members, including spouse and children. However, this Rs 5,000 is within the limits specified above.

In case your dependents are differently abled and entirely rely on you, you are eligible to tax deductions under section 80DD and 80DDB.

80DD exemptions can be availed for:

Any expense incurred for their medical treatment that includes nursing, training as well as rehabilitation of disabled dependents.

Amount paid towards Unit Trust of India (UTI), Life Insurance Corporation (LIC), or any of the other insurance providers for the purchase of any specified schemes or insurance policies to aid the maintenance of a disabled dependent.

Please note, to claim the deduction you must provide a medical certificate from a government hospital. The certificate should specify the person they are dependent on and the disability of the dependant. This certificate must be renewed periodically.

Deductions under section 80DD can be claimed for the following dependants:

Parents

Children

Siblings

Spouse

Section 80DDB of the income tax act provides a deduction for the amount paid for medical treatment for specified diseases for senior citizens up to Rs 1 lakh, subject to certain conditions.

This deduction (from gross total income) are available for the expenses incurred by a taxpayer on the treatment of specified diseases for dependent parents, children, siblings, self and spouse.

Another way by which a salaried individual can save taxes is by paying rent to their parents and availing the house rent allowance (HRA) exemption benefit. However, the property where the individual resides must be owned by one or both parent(s).

Under no circumstance can the individual be the property's co-owner. The rent paid will be considered income in the hands of the parents which will be taxed as per the tax slab applicable to them. If your parents are more than 60 years old, they will have a higher exemption limit and taxes may be lower for the whole family as a result of this.

Furthermore, if the rent amount exceeds Rs 1 lakh a year, the individual must submit PAN details of the owner of the property to the employer.

An ideal way to save tax can be by means of a gift. An individual can gift a certain amount of money to their parents who are on a lower tax slab. No tax on such gifts will be levied on such an amount.

An individual can also open fixed deposits in his parents' name with this amount. If the parents are under a lower tax slab, then the tax paid by them on the interest on the FD will be lesser than what the individual would have had to pay. Besides, the rate of interest is slightly higher for senior citizens.

Purchasing property jointly has huge tax benefits among others. If a spouse is included as a co-owner of the property, it magnifies the loan eligibility. The ambit of the tax benefits increases for both husband and wife toward interest on borrowed capital and principal repayment under section 80C of the income tax act.

But, both of them cannot claim the same amount. Likewise, in case any rental income is generated from the co-owned property, it will be taxed to the degree of their respective property share.

If the proportions of the property are not defined, it is divided equally amongst the husband and the wife.

Section 80C of the income tax act states that the school fees paid for your child's education is eligible for a deduction. A parent who pays the fee from his income can avail this deduction for a maximum of two children.

Please note, this deduction can only be availed for tuition fee and does not extend to any other fee such as exam fee, library fee, etc.