Tax Saving Tips: Now with the help of your wife, you will be able to save income tax up to Rs 7 lakh..
The relationship between husband and wife may be emotional. But, they can also support each other financially. There are some transactions, which if done jointly by husband and wife (income tax saving tips), then there is a big benefit. This will not only help in increasing or saving money. Rather, your wife can also get you benefits like income tax exemption. If you do some joint transactions with your wife, then you can save a lot of tax (Joint transaction benefits). For this, you have to consider 3 solid ways. This can save you income tax of up to Rs 7 lakh.
1- Education loan
Many married couples agree that their wives should study further. In such a situation, if your wife also wants to teach, then an education loan will do the job. You will get tax exemption on the interest charged on that loan. You can get tax exemption (education loan tax benefits) on the interest of an education loan for 8 years. This exemption is available under section 80E of Income Tax. However, while taking a loan, you have to keep in mind that you are taking a student loan from a bank or institution that is government (Income tax section 80E) or government-recognized.
2- Invest in the stock market
If you make long-term investments in the stock market, then you will get tax exemption on capital gains up to Rs 1 lakh. In such a situation, if your wife's income is very low or she is a housewife (Share market investment), then you can give her some money and invest in the stock market in her name. In this way, your wife will get tax exemption on capital gains up to Rs 1 lakh on the return on that money. On the other hand, if you invest this money yourself and you already have a capital gain of Rs 1 lakh (How wife can save tax), then your total gain becomes Rs 2 lakh. In such a situation, you will have to pay a tax of Rs 1 lakh. So you can save tax from here also.
3- A joint home loan will be beneficial
After marriage, couples often think of fulfilling their goals. One of these is their own house. Plan to buy a house by taking a joint home loan and get it registered in both your names (tax saving hacks). In this case, both of you can claim the tax benefits on the home loan. In this way, you will get double the benefit in tax. On the principal amount, both of you can claim Rs 1.5 lakh each, i.e. a total of Rs 3 lakh under Income Tax Act 80C. At the same time, both can get tax benefits of Rs 2 lakh each on interest under section 24. In total, you can get tax benefits up to Rs 7 lakh (how to save Tax). However, it will also depend on how much your home loan is.
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