How to Save Income Tax: Some ways to save income tax become available after marriage. Let’s learn more about them.
If you ask someone what are the benefits of marriage, what examples will they quickly give? You get a lifelong friend, a partner who supports you in times of joy and sorrow, a partner who fulfills your physical and mental needs, and a partner who is worthy of your progress as a human being. After marriage, a person’s expenses increase; but many may not know that marriage also has such a benefit. After marriage, some ways to save income tax become open. Let’s learn more about it.
Tax benefit on Leave Travel Allowance:
If both husband and wife are taxpayers after marriage and both are employed, then both can enjoy a total of eight tours together in a period of four years. Importantly, income tax can also be saved on this.
Tax benefit on medical or health insurance:
Income tax benefit is available after taking health insurance. Under Income Tax Section 80D, income tax exemption is available on premium payment of health insurance up to a maximum of Rs 25,000. This exemption is available if either of the spouses is an employee.
Tax savings on property
When an investment is made from one property to another, as a couple, one can avail income tax relief on it. If the second property is purchased individually, it becomes taxable; however, if the second property is purchased in the name of the spouse and they do not have any other housing property, they can save tax by showing the taxpayer.
Tax benefits on home loans
Buying a house is almost everyone’s dream. If you buy a house as a couple by taking a joint home loan, you get a benefit in income tax. If the joint home loan is 50:50, then under Section 80C, the tax deduction available on the principal amount payment of the home loan increases from Rs 1.5 lakh to Rs 3 lakh per year.
Tax benefit on children’s education:
Married couples get tax benefit on children’s education. This exemption is also available under Section 80C. If both husband and wife are taxpayers, this exemption increases to Rs 3 lakh.