You can avail HRA exemption if you pay rent to your parents. The exemption will be least of the following: A) HRA received B) up to 50% of salary C) Rent paid minus 10% of basic salary.
Buy pension products
Taxpayers can claim deductions worth Rs. 1.5 lakh for buying pension products. Taxpayers can also claim additional benefits of Rs. 50,000 by contributing to NPS.
Donations
If you donate money to a charitable organization, you can claim an income tax deduction on it. There's no upper limit but donations above Rs. 2,000 made in cash can't be allowed as deductions.
Medical insurance premiums
You can claim up to Rs. 25,000 for paying medical insurance premiums. If parents are senior citizens, a deduction worth Rs. 50,000 can be made.