Your wife can prove to be a great help in saving income tax. You might not know this. Government of India has made a special rule about women, under which husband can take double benefit of exemption in tax. Let’s know how …
Health insurance
In the Corona era, everyone is getting health insurance, which is a wise decision. But this health insurance can save you from the expensive treatment expenses of the hospitals as well as save in tax. If you are under 60 years old, then you can also save up to 25 thousand rupees through Health Insurance Premium. You can make your wife and child premium. In this, you get exemption under section 80D. In this, you can take mediclaim, family floater or critical illness. At the same time, those whose age is more than 60 years, they will get a tax benefit of up to 50 thousand.
Joint home loan
Home loan is also an easy way to save tax. In such a situation, if you make a joint home loan, then the EMI payers get the benefit of tax exemption. In this, you get deduction of up to Rs 1.5-1.5 lakhs under Section 80C. At the same time, the interest portion will get a rebate of up to 2-2 lakh rupees under section 24.
Life Insurance
The easiest way to save tax is to buy a life insurance policy. This is what most people doing tax planning do at the last minute. If you take an insurance policy jointly, then you will not have to face any kind of trouble in case something happens to the wife. In a joint insurance policy, you get more benefits at a lower premium. At the same time, under Section 80C, there is also the benefit of income tax exemption.
Education loan
Under Section 80C of the Income Tax Law, you can avail deduction on the expenditure of up to Rs 1.50 lakh on the education of children. This cost of children’s education can be from any university, college, school or any of the educational institutions. Let us know, you will be able to take this benefit of deduction up to two children. Yes, if you have a third child, then any other person from the husband or wife can claim deduction at the expense of his / her studies. Even if there are only two children, the expenses of their studies can be shared among the husband and wife for the benefit of income tax. In this way, the amount of deduction can be increased.
Leave Travel Allowance
A taxpayer can avail leave travel allowance for two trips within four years. But if both husband and wife are taxpayers, then together they can take advantage of 4 travel allowances in 4 years. In this way, they can go on holiday 4 times instead of 2 times.
