How does section 80DD help save tax for families with disabled dependents

Section 80DD of the Income Tax Act offers much-needed financial relief to families with disabled dependents by allowing them to claim significant tax deductions. This section provides deductions for expenses incurred on the medical treatment, rehabilitation, or maintenance of dependents with disabilities. If you care for a disabled dependent, understanding Section 80DD can help you plan your finances better and reduce your taxable income.

Tax Benefits Under Section 80DD

Under Section 80DD, individuals (HUFs as well) can claim a deduction of up to ₹75,000 annually for dependents with a disability. For severe disabilities (with a disability level of 80% or more), the deduction goes up to ₹1,25,000. This covers expenses for rehabilitation, medical treatment, or contributions made to specified insurance schemes for disabled dependents. To avail this benefit, ensure you’ve obtained a disability certificate from a recognized medical authority in the prescribed format.

Managing Finances with Bajaj Finserv Home Loan

While Section 80DD provides a tax benefit, managing financial responsibilities can still be challenging. If you’re planning to invest in your home to create a more accessible living space for your dependent, the Bajaj Finserv Home Loan offers a reliable financing option. With competitive interest rates, simple eligibility criteria, and long tenures, Bajaj Finserv Home Loans cater to diverse needs.

Benefits of Bajaj Finserv Home Loan

1. Flexible Repayment Options: Choose repayment tenures that suit your financial stability.

2. High Loan Amounts: Get loans up to ₹5 Crore, ensuring you have sufficient funds.

3. Quick Processing: Hassle-free application and fast disbursals to meet urgent needs.

4. Digital Tools: Use their Home Loan EMI Calculator for better financial planning.

How to Apply for Bajaj Finserv Home Loan

Applying is simple and can be done online via the Bajaj Finserv website. Fill out the application form, upload necessary documents, and await approval. You can also visit their nearest branch for assistance.

Section 80DD and comprehensive financial tools like Bajaj Finserv Home Loans work hand-in-hand to ease the burden of managing disability-related expenses while building a secure future for your loved ones.