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The relationship between husband and wife can be emotional. But, they can also support each other financially. There are some transactions, which if done jointly by husband and wife (income tax saving tips), are very beneficial. 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 (Joint transaction benefits). For this, you have to look at 3 solid ways. With this, you can save income tax up to Rs 7 lakh.
1- Education Loan
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 on that loan. You can get tax exemption (education loan tax benefit) on the interest of education loan for 8 years. This exemption is available under Income Tax Section 80E. However, while taking a loan, you have to keep in mind that you are taking a student loan from a bank or institution which is government (Income Tax Section 80E) or recognized by the government.
2- Invest in the stock market
If you invest in the stock market for a long period, then 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 get a capital gain of Rs 1 lakh (How wife can save tax), then your total gain becomes Rs 2 lakh. In such a situation, you will have to pay tax of Rs 1 lakh. So you can save tax from here too.
3- Joint home loan will be beneficial-
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 (tax saving hacks). In this case, both of you can claim tax benefits on home loans. In this way you will get double the benefit in tax. On the principal, both of you can claim Rs 1.5-1.5 lakh i.e. a total of Rs 3 lakh under Income Tax Act 80C. At the same time, both can get tax benefit of Rs 2-2 lakh on interest under section 24. Overall, you can get tax benefit of up to Rs 7 lakh (tax saving how to save). However, it will also depend on how much your home loan is.
