You can save so much tax by putting money in your wife's account, you might not know this trick.

Today we are going to tell you about such a trick through which you can save a huge amount of tax and your wife will support you in this. Let us tell you what is that method.

Everyone tries to save as much tax as they can. That's why people often look for ways to save income tax. But many times the deadline passes and they are unable to escape from income tax. The result is that they are forced to deposit a part of their earnings in the government account as tax. But do you know that your wife can be of great benefit to you in saving your income tax? Yes, today we are going to tell you about such a trick through which you can save a huge amount of tax and your wife will support you in this.

You can save money by taking a joint home loan

If your wife also brings income to the house, that is, she earns, then you can apply for a joint home loan along with your wife. Let us tell you how this will be beneficial for you. Actually, by taking a joint home loan, both of you can get separate tax exemptions of up to Rs 1.5 lakh on repayment of principal under section 80C and up to Rs 2 lakh on interest under section 24b.

Open an NPS account for your wife

You can open an NPS account in the name of your wife. NPS account means National Pension Scheme. By investing in your and your wife's NPS account, you can save up to Rs 50,000 under section 80CCD (18) and claim additional tax benefits. Apart from this, there is another trick by adopting which you can get relief in tax. Let us tell you.

Get health insurance for your wife

By taking a health insurance policy for your wife and family, you can claim tax exemption on the premium paid under section 80D. Under section 80D, tax exemption can be claimed on the health insurance premium for husband, wife and family members. But to avail this tax benefit, both husband and wife will have to buy separate health insurance policies. After which you can get a huge discount in your tax.