Every person invests to earn more profit. Investment is the only way through which you can secure your future. Nowadays there are many schemes which give better returns on your investment and also save income tax. But if you want to earn huge profits then include your wife in this investment. There are many schemes in which you can earn much more profit with the help of your wife. Know about it in the next slides
Post Office MIS
In this scheme of the post office, a lump sum amount has to be invested. Interest is earned on the investment. After 5 years, the original amount deposited is returned to you. Currently, this scheme is earning an interest of 7.4 percent. In this scheme, different limits of deposit have been fixed for single and joint accounts. A maximum of Rs 9,00,000 can be deposited in a single account and a maximum of Rs 15,00,000 can be deposited in a joint account. It is clear that if you open a joint account with your wife, you will be able to deposit more and earn more. If you deposit Rs 9,00,000 in the account, then at the rate of 7.4% interest, you can earn up to Rs 5,550 every month. On the other hand, if you open a joint POMIS account with your wife and deposit Rs 15,00,000 in it, then you can earn a maximum of Rs 9,250 per month.
Fixed Deposit
The income from FDs with tenure of less than 5 years is considered taxable. When the income from interest on fixed deposits is more than the prescribed limit, then TDS is deducted from it. But if you want, you can save this tax with the help of your wife. According to the rule, if the income from interest on FD is more than Rs 40,000 per annum, then TDS is deducted. If your income comes under the tax bracket, but your wife is a housewife, then you can avoid paying TDS by getting an FD in the name of your wife. Housewife is not liable for tax. On the other hand, if your wife falls in the lower tax bracket, then also you can stop TDS deduction by getting an FD in her name. For this, your wife will have to fill Form 15G. If you want, you can also get a joint FD done in the name of your wife, but in this you will have to make your wife the first holder.
Home Loan
Home loan is undoubtedly a loan but it is considered a good loan because you take it to invest in property and the value of the property increases with time. When you take a joint home loan by making your wife a co-applicant, you get many benefits. The first benefit is that the loan is a little cheaper. Usually lenders offer about 0.05 percent (5 basis points) lower interest rate if there is a female co-applicant. Apart from this, if both your wife and you earn, then the loan amount limit also increases.
Joint Home Loan Tax Benefits
By taking a joint home loan with your wife, you can also take tremendous advantage of income tax. This doubles the tax benefit. Actually, on applying for a joint home loan, both the persons taking the loan can avail the benefit of separate income tax benefits. But this benefit will be available only when both the applicants are also the owners of the property. By taking a joint home loan with your wife, 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 a tax benefit of Rs 2-2 lakh on the interest under section 24B. In this way, you can get a total tax benefit of up to Rs 7 lakh. However, it will also depend on how much your home loan is.
PPF
PPF is a very popular scheme. Through this scheme, you can save a good amount of money in the long term and also save income tax. As per the rules, a person can open only one PPF account in his name and a maximum of Rs 1.5 lakh can be deposited annually. There is also no option to open a joint account in PPF. But if both your wife and husband earn, then both can open separate accounts in their names. In this way, both husband and wife can deposit up to Rs 1.5 lakh each annually and get different interest on them. In this way, both their investment limit and interest can be doubled. Currently, the interest rate of PPF is fixed at 7.1 percent. Apart from this, tax benefit is available in PPF under 80C. This investment has been kept in E-E-E category. This means that your investment, interest and maturity amount are all completely tax free. The provisions of clubbing have no effect on this.
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