Your wife can save you up to Rs 7 lakh in income tax, know its 3 solid ways, it will work
Tax Saving Tips: If you do some joint transactions with your wife, then you can save a lot of tax (Tax Saving Tips). For this, you have to consider 3 solid ways.
The relationship between husband and wife may be emotional. But, they can also support each other financially. There are some transactions, which if done together by husband and wife, then there is a big benefit. This will not only help in increasing or saving money. But 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 (Tax Saving Tips). For this, you have to consider 3 solid ways. This can save you up to Rs 7 lakh in income tax.
1- Education loan in wife's name
Many married couples agree that their wives should study further. In such a situation, if your wife also wants to study, 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 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 and taking it from a bank or institution that is government or government-recognized.
2- Get your wife to invest in the stock market
If you make long-term investments in the stock market, then you will get tax exemption on capital gain up to Rs 1 lakh. In such a situation, if your wife's income is very low or she is a housewife, then you can give her some money and invest in the stock market in her name. In this way, on the return that will be received on that money, your wife will get tax exemption on capital gain up to Rs 1 lakh. On the other hand, if you invest this money yourself and you already have a capital gain of Rs 1 lakh, 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- Tax will be saved by joint home loan
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 the name of both. In such a situation, both of you can claim the tax benefits available 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 1.5-1.5 lakh i.e. a total of Rs 3 lakh under 80C. At the same time, both can get tax benefits of Rs 2-2 lakh on interest under section 24. If seen, you can get tax benefits on a total of up to Rs 7 lakh. However, this will also depend on the amount of your home loan.
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