Can I invest in India and avail tax benefits

You are supposed to file tax return in India if you have taxable income in India, either from your investments, house property or any other sources. And to avail tax benefits, the investments has to be in your name.

You are not eligible to get any tax rebate/ concessions if you invest in the name of your spouse or parents.

Similarly, if your wife has taxable income in India, then she also needs to file tax returns separately in India. Again, to avail tax benefits, she need to invest in her name.

Tax exemptions are not allowed if you invest in land in India. Tax benefits can be availed under various popular sections like, Section 80C, Section 80CCD and Section 80D.

Under Section 80C, you can get tax rebate up to Rs 1.50 Lakhs if you invest in ELSS Mutual Funds, Tax savings FDs, Life Insurance policies, Post office NSC scheme etc. You can avail tax benefit of another Rs 50,000 Under Section 80CCD, if you invest in NPS (National Pension Scheme).

If you are paying Mediclaim Insurance premium up to Rs 25,000 (for self, spouse and children) per annum then you get additional tax rebate under Section 80D. A further amount of Rs. 25,000 under this section can again be claimed if you are paying the mediclaim insurance premium of your parents.

Hope the above clarifies your query. Thanks for writing to Advisorkhoj !