Money Map: school fees and parents' cover
₹21,300 left every month
TaxSavvy for ₹12.75 L to ₹25 L, school fees and parents' health
School fees, parents' insurance, PF. See if they beat the new regime.
₹12.75 L to ₹25 L, children in school, parents to look after
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Sample Sample ₹36,280 less tax in the new regime
Sample Net worth ₹14.9 lakh
Sample ₹1.3 crore life cover gap
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- Complete salaried tax plan
- Employee claims to employer, Form 124 (earlier Form 12BB)
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- Salary slip
- Insurance policy
- Investment statement
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Facts, Provisions and law, Analysis, Conclusion.
Section 123 (old 80C): ₹1.5L Deduction (All Instruments)
- Facts
- The most widely claimed deduction in India. One limit of ₹1.5L covers 15+ instruments. Most people fill it with the wrong instruments, choosing low-return products over high-return ones. This is a ₹30,000 to 46,800 annual tax saving decision.
- Provisions and law
- Sec 123 (old 80C); Sec 123 (old 80CCC); Sec 124 (old 80CCD(1)); Sec 80CCD(1B); CBDT Notification
- Analysis
- All instruments under Sec 123, Income-tax Act 2025 (old Sec 80C) and their returns: ELSS mutual funds (market-linked, ~12-14% historical, 3-yr lock-in, best for wealth building) | PPF (7.1% tax-free, 15-yr lock-in, safest) | NPS (Sec 124 (old Sec 80CCD(1)), market-linked, 60% corpus available at retirement) | EPF (employer contribution) | Life insurance premium (term = efficient, endowment = inefficient) | ULIP (combines insurance + investment, high charges) | 5-year tax-saving FD (6-7%, taxable interest) | NSC (7.7%, taxable interest) | Home loan principal repayment (no separate investment needed) | Sukanya Samriddhi Yojana (girl child, 8.2%, EEE) | Senior Citizen Savings Scheme (8.2%, taxable interest) | Children's tuition fees (school fees, not coaching) | Stamp duty on property purchase (one-time, in purchase year). Most efficient Sec 123 (old Sec 80C) instrument: ELSS fund (Equity Linked Savings Scheme). Lock-in: 3 years.
- Conclusion
- Confirm old regime is selected (Sec 123 (old Sec 80C) not available in new regime)
- Calculate how much of ₹1.5L is already filled: EPF contribution (from payslip) + any existing LIC premium
- Remaining ₹1.5L gap, fill with most efficient instrument (ELSS for wealth builders, PPF for safety seekers)
- ELSS: Start SIP by April to spread across 12 months. Or lump sum before March 31.
Section 126 (old 80D): Health Insurance Premium Deduction
- Facts
- ₹25,000 to ₹1,00,000 deduction depending on age and coverage. Covers self, spouse, children, and parents separately. Most people claim far less than they are entitled to because they do not know the parent-specific limit.
- Provisions and law
- Sec 80D(2); Sec 80D(3); Sec 80D(4); Proviso Sec 126 (old 80D); CBDT Circular
- Analysis
- Four scenarios and maximum deduction: (1) Self + family (all below 60) + parents (below 60): ₹25K + ₹25K = ₹50K. (2) Self + family (below 60) + parents (senior citizens): ₹25K + ₹50K = ₹75K. (3) Self is senior citizen + parents senior citizens: ₹50K + ₹50K = ₹1L. (4) Self is senior citizen, no parents: ₹50K. What qualifies: Mediclaim/health insurance premium (individual, family floater, super top-up), critical illness rider premium, personal accident insurance premium (for life), preventive health check-up (₹5K sub-limit within overall limit, cash allowed). What does NOT qualify: Premium on hospital daily cash policy (savings plan), group health insurance employer pays (you cannot claim), life insurance premium (goes under Sec 123, Income-tax Act 2025 (old Sec 80C)), maternity insurance claims, accident insurance if it also covers motor accidents.
- Conclusion
- Confirm old regime is selected (Sec 126 (old Sec 80D) only in old regime)
- Collect health insurance premium receipts for: self + family policy
- Collect health insurance premium receipts for: parents' policy (separate from your family policy)
- Check age of self/spouse/children, if anyone above 60, limit for that group increases to ₹50K
Term Insurance: Your Cover Size in 60 Seconds
- Facts
- Income × 14 = your life cover. That's the rule. A ₹15L salary needs ₹2.1 crore of term cover. Most people buy ₹50L because the premium is cheap. That's 3× income, which leaves a family broke in 4 years. Run the calculator and get the right number.
- Provisions and law
- Sec 123 (old 80C); Sec 11 (old 10(10D)); IRDAI
- Analysis
- Why income × 14: Family needs 10-15 years of income replacement. Plus inflation buffer. Plus loan payoff. 14× = average of conservative (10×) and aggressive (20×) multiples used globally. The cheapest insurance decision you'll ever make: ₹1Cr term plan for a 30-year-old = ₹8,000-12,000/year. That's ₹700-1,000/month. Costs less than Netflix. Protects everything. Pure term, not ULIP: Term = protection only. ULIP = insurance + investment + 2-4% annual charges. Over 20 years: term + separate MF investment beats ULIP by ₹40-60L. Always buy term for insurance needs. Increasing cover with age: Buy at 30 for maximum tenure. Add cover (separate policy) at 35 if income grows significantly. Two policies fine. Don't lapse first, new policy at 35 costs 40% more. Sec 123, Income-tax Act 2025 (old Sec 80C): Premium paid on life insurance (self, spouse, children): deduction up to ₹1.5L.
- Conclusion
- Calculate: income × 14 + all outstanding loans = cover needed
- Choose term: until age 60-65 (not whole-life rider)
- Select insurer: CSR > 98%, claim settlement ease
- Pure term plan only, no return of premium, no ULIP
How much tax can a HUF save: real numbers
- Facts
- HUF gets identical tax slabs to an individual. The savings come from splitting income, some income goes into the HUF's hands and is taxed at HUF level, reducing the individual's taxable income.
- Provisions and law
- Income Tax Act 1961, Sec 115BAC (now 202; new regime slabs)
- Analysis
- Example: Rental income of ₹6L/year. If in your hands (₹30L salary earner) → taxed at 30% = ₹1.8L tax. If in HUF's hands → ₹2.5L exempt, ₹3.5L taxed at lower slabs = ₹5,000 tax. Annual saving: ₹1.75L from one HUF move.
- Conclusion
- Rental income from HUF-owned property
- Capital gains from HUF investments
- Business income if HUF runs a business
- Interest on HUF bank FDs and investments
School fees, parents' insurance, PF. See if they beat the new regime.
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