There are some transactions which, if done jointly by husband and wife, can be quite beneficial. If you do some joint transactions with your wife, then you can save a lot of tax
Husband and wife are said to be each other’s companions. Both support each other in every happiness and sorrow. Both not only provide emotional support, but can also provide financial support to each other. There are some transactions which, if done jointly by husband and wife, can be quite beneficial. If you do some joint transactions with your wife, then you can save a lot of tax (Tax Saving Tips). Let us know in which ways your wife can prove helpful in saving your income tax.
1- Joint home loan will be beneficial
If you are thinking of buying a house, then buy it by taking a joint home loan and get it registered in both the names. In such a situation, both of you can claim tax benefits on home loan. If seen this way, you will get double the tax benefit. On the principal amount, both of you can claim Rs 1.5 lakh each i.e. a total of Rs 3 lakh under 80C. On the other hand, both can get tax benefit of up to Rs 2 lakh on interest under Section 24. That means, overall you can get tax benefit up to Rs 7 lakh. However, it will also depend on the amount of your home loan.
2- Give money to your wife and invest in the stock market.
If you invest money in the share market for long term, you will get tax exemption up to Rs 1 lakh on capital gains. In such a situation, if your wife’s earning is very less 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 returns you will get on that money, your wife will get tax exemption on capital gains up to Rs 1 lakh. Whereas if you had invested this money yourself and you already had a capital gain of Rs 1 lakh, then your total gain becomes Rs 2 lakh. In such a situation, you would have to pay tax on Rs 1 lakh.
3- Education loan for wife’s education
There are many girls who get married under family pressure, but later feel that they have to study further. In such a situation, if you take an education loan for your wife and she studies, then you will get tax exemption on the interest charged on that loan. You can get tax exemption on education loan interest for 8 years. You get this exemption under section 80E. However, while taking the loan, you have to keep in mind that you should take the student loan from a bank or institution which is recognized by the government.
