All parents want the best for their children, and as soon as a baby is born, planning for his or her future begins. Every parent has two wishes for his/her children:
- To provide world class Education to his/her children
- To have a lavish wedding of their children so that they can have an ever green beautiful memories out of it.
- Everyone tries to save a certain amount for their child’s future, but whether that amount would be enough to fulfil the goal is a major concern.
- Moreover, every year school fees is increasing, most parents are worried about saving for their child’s future. One can make an estimate of such expenses and plan their investments accordingly so that they do not lack in managing their finances at the time of need.
- Hence, It is essential for parents to create a sufficient education fund for their child.
- In order to keep sufficient education fund, planning is the first step towards goals accomplishment, and it needs to be done by taking all the parameters in consideration with the help of Financial Plannner.
- Begin the process of saving and investing early. This will enable you to create an adequate corpus for the fulfilment of your children’s desires and ambitions.
- Forecast the expenses that may arise in future (pursuing education overseas or throwing a party for your child’s birthday)
- Always maintain an adequate insurance cover to cater to the expenses of your children (such as marriage or pursuing higher education) which may arise after your unfortunate demise
Keeping the inflation factor in consideration, our JSR Team have designed certain Child Education & Marriage Plans for the children.
Other Tax Saving Schemes other than Sec 80C:
- Section 80D: Exemption on Health insurance premiums for self, spouse or children. Maximum exemption of Rs.25000.
- Section 80DD: For treatment or maintenance of a physically disabled Dependent. Maximum exemption of Rs.15000 for individuals and Rs.20000 for senior citizens.
- Section 80E: Exemption for education loan interest repayment. Full interest amount deductible for 8 years maximum.
- Section 80G: Exemption on charitable donations. Maximum exemption of 100% of investments.
- Section 80GG: Exemption on house rent paid, subject to a maximum of Rs.2000 per month or rent paid not more than 10% of income or 25% of overall income.
- Section 80GGC: Full exemption on funds contributed to political parties.
- Section 80U: Rs.75000 exemption if taxpayer is disabled and Rs.1.25 lakhs exemption if taxpayer is severely disabled.