If there are 1000 people in a household and if each of them earns 1,00,000 all of the money in the household will be tax free. This is the most misguiding article I have ever read. I know lot of ways to save tax. 1. If you have a housing loan and if the house/apt is in another city , then if you declare the rental income on that property there is no slab on the interest income. You can avail the HRA benefit as well. Suppose you have 50L loan, then your annual interest might be 5L. If your rental income is 10K, then 5,00,00 - 10000*12*(0.7) is tax exempt (70% of rent income is taxable)
If your rent is 20K and HRA is 16K, then you can avail 16000*12 as tax exempt
