Tax Saving Investment Options in India: There are many ways to save tax, but many times people are not aware of these methods. Therefore, today we will tell you some such smart methods.
Tax Saving Tips: Everyone wants that they do not have to pay much tax on their earnings. There are many ways to save tax, but many times people are not aware of these ways. Therefore, today we will tell you some smart ways to save tax, with the help of which your wife can help you a lot financially by saving Income Tax.
1. Save more tax by taking a joint home loan
If your wife also earns, then it is always beneficial to take a joint home loan. In this way, both of you will be able to save tax on your earnings. Because on taking a joint home loan, both of you can claim 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 24 (b). In this way, by taking a joint loan, both of you can get a total tax exemption of up to Rs 7 lakh.
But remember that unless the property is in joint name, you will not be able to avail this tax benefit.
How can your wife double your income?
To double your income, open separate PPF accounts in your and your wife’s name and invest in them. You can claim tax benefits on investments up to Rs 1.5 lakh in both accounts. In this way, you can claim tax benefits on investments up to Rs 3 lakh. So your income has doubled.
Open an NPS account in your wife’s name
Open an NPS (National Pension System) account in your wife’s name as well. By investing in both accounts, you can claim additional tax benefits of up to Rs 50,000 under section 80CCD (1B).
Take a health insurance policy in the name of your wife or family
By taking a health insurance policy for your wife and family, you can claim tax exemption under section 80D on the premium you pay. Under Section 80D, tax exemption can be claimed on health insurance premium for spouse and family members. But to avail this tax benefit, both spouses will have to buy separate health insurance policies.
Benefit of interest exemption on wife’s savings account
Open a separate savings account in the name of the wife. Both accounts get tax benefit on interest income up to Rs 10,000 under section 80TTA.
You can save a lot of tax through these methods and saving more tax means more income. You can use this money to strengthen your financial portfolio, which can fulfill many of your needs in the future.
