Gains made from selling your house Planning on selling your house? Wait for two years after purchase as the profit will be treated as long term capital gains. It will then attract lower rate of tax, 20%, along with indexation benefit.
Medical insurance You can claim deduction up to Rs 25,000 (Rs 50,000 if a senior citizen is covered) under Section 80D for medical insurance paid for you and your family. If you insure your parents, you get additional deduction of Rs 25,000 (Rs 50,000 if they are above 60). If you have paid premium on your policy providing cover for more than one year, the deduction shall be allowed on proportionate basis, subject to specified monetary limit.
Dividend earned on mutual funds If you earned a dividend income of more than Rs 10 lakh from shares, then you have to pay a flat rate of tax at 10% on such income. Whereas dividends earned from mutual funds are tax free.
Gratuity Gratuity received after completion of 5 years of continuous service is eligible for exemption up to Rs 10 lakh. Do keep in mind that the exemption is the cumulative of all gratuity payments received by an individual in his lifetime.
Tax-free reimbursements Telephone and internet bills reimbursed by your employer is not taxable in your hands.