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Tax Saving Tips: The relationship between husband and wife may be emotional. But, they can also support each other financially. There are some transactions, which if done jointly by husband and wife, show a lot of benefits. This will not only help in increasing or saving money. But, your wife can also get you benefits like income tax exemption. If you do some joint transactions with your wife, then you can save a lot of tax (Tax Saving Tips). For this, you have to consider 3 solid ways. With this, you can save income tax of up to Rs 7 lakh.
1- Education loan in the name of wife
Many married couples agree that their wives should study further. In such a situation, if your wife also wants to study, then an education loan can be useful. You will get tax exemption on the interest charged on that loan. You can get tax exemption on the interest of education loan for 8 years. This exemption is available under section 80E of Income Tax. However, while taking a loan, you have to keep in mind that you take a student loan and take it from a bank or institution which is government or recognized by the government.
2- Get your wife to invest in the stock market
If you make long term investments in the stock market, you will get tax exemption on capital gains up to Rs 1 lakh. In such a situation, if your wife's income is very low or she is a housewife, then you can give her some money and invest in the stock market in her name. In this way, your wife will get tax exemption on capital gains up to Rs 1 lakh on the return received on that money. On the other hand, if you invest this money yourself and you already have capital gains of Rs 1 lakh, then your total gains become Rs 2 lakh. In such a situation, you will have to pay tax on Rs 1 lakh. So you can save tax from here too.
3- Joint home loan will save tax
After marriage, couples often think about fulfilling their goals. One of these is your own house. Plan to buy a house by taking a joint home loan and get it registered in both your names. In this case, both of you can claim tax benefits on the home loan. In this way you will get double the benefit in tax. On the principal amount, both of you can claim Rs 1.5-1.5 lakhs under 80C, i.e. a total of Rs 3 lakhs. On the interest, both of you can get a tax benefit of Rs 2-2 lakhs under section 24. Overall, you can get tax benefits up to Rs 7 lakh. However, this will also depend on how much your home loan is.
