How Wife Can Save Your Tax: There are many changes in human life after marriage. After marriage, you should also change the method of tax-saving planning (Income Tax Planning). After marriage, your wife can help you save tax in 3 ways. With the help of spouse, you can save your tax from loan to insurance.
How Wife Can Save Your Tax: A person’s life changes completely after marriage. Their responsibilities range from challenges to challenges. There are some changes in life, but at the same time one gets a partner to share every challenge and responsibility. This spouse not only shares the responsibilities and challenges of your family, but also becomes an equal partner in your financial decisions. Let us know how a life partner can help you in saving your tax (Income Tax Planning).
1- Double benefit from joint home loan
If you want to buy both houses, then joint home loan can be helpful in saving tax. Actually, in this way both of you can claim for tax exemption on home loan. That is, under Section 80C, both husband and wife will get tax rebate of Rs 1.5-1.5 lakh. Similarly, under section 24 (b), both will get tax exemption of Rs 2-2 lakh ie double benefit.
2- Health insurance will benefit tax
In this era of inflation, buying health insurance for yourself and your family is a wise decision. You can take different plans for everyone, but it is better to have a family floater plan, so that you get more benefit in less expense. If you take health insurance for you alone, then you will be able to claim tax exemption for less money, while you can get more benefits by including your wife and if you have children too. Under section 80D, you can get a tax benefit of up to 25 thousand rupees.
3- Life insurance will help in saving tax
During marriage, everyone pledges to protect his wife, but you can make this promise stronger through a life insurance policy. On the other hand, 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 benefit at a lower premium. At the same time, under Section 80C, there is also the benefit of income tax exemption.
