Tax Saving: Amazing benefits of marriage, you can save income tax in these 5 ways..

Every day, lakhs of people across the country get married. Naturally, the expenses are also very high. If I say that you can save income tax by spending on marriage. Yes, you heard it right. You can save your income tax in these 5 ways. The wedding season is about to begin once again. Let us tell you which 5 ways you can save your income tax.

Tax benefit on home loan

It is everyone's dream to buy their own house. But when you buy a house as a couple by taking a joint home loan, you get income tax benefits. If your joint home loan is 50:50, then under section 80C, the tax exemption you get every year on the principal amount payment of the home loan increases from Rs 1.5 lakh to Rs 3 lakh.

Tax benefits on medical or health insurance

You also get income tax benefits on taking health insurance. Under Section 80D of the Income Tax Act, you get income tax exemption on premium payment of health insurance up to Rs 25,000. You get this exemption when one of the spouses is working.

Tax benefit on children's education

Another tax benefit for married couples is available on children's education. You also get this exemption under Section 80(C). If both of you are taxpayers. In such a case, this exemption increases to Rs 3 lakh.

Tax benefit on leave travel allowance

If both you and your partner are taxpayers. Also, both are working. Then you can enjoy a total of 8 tours together in a period of four years. The interesting thing is that you can also save income tax on these.

Tax savings on property

When you move beyond one property and invest in another property. Then as a couple, you can avail the benefit of income tax exemption in it. If you buy another property as an individual. Then it becomes taxable. On the other hand, if you buy another property in the name of your partner and if there is no housing property in his/her name already, then you can save tax by showing him/her as a taxpayer.

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