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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 also in this investment. There are many schemes in which you can earn huge profits with the help of your wife. Learn about it in the next slides
Post Office MIS
A lump sum amount has to be invested in this scheme of the post office. Interest is earned on investment. The original amount deposited is returned to you after 5 years. At present 7.4 percent interest is being given on this scheme. In this scheme, different deposit limits 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, you can earn up to Rs 5,550 every month at 7.4 percent interest rate. Whereas 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 every month.
Fixed deposit
Income from FD with a tenure of less than 5 years is considered taxable. When the interest income on fixed deposits exceeds the prescribed limit, TDS is deducted from it. But if you want, you can save this tax with the help of your wife. According to the rules, if the interest income on FD is more than Rs 40,000 annually then TDS is deducted on it. If your income falls in the tax bracket, but your wife is a housewife, then you can avoid paying TDS by getting an FD in your wife’s name. There is no tax on housewives. Even if your wife falls in the lower tax bracket, you can stop TDS deduction by making an FD in her name. For this your wife will have to fill Form 15G. If you want, you can also make a joint FD in your wife’s name, 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 a 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 advantage is that the loan is slightly cheaper. Generally, if a woman is a co-applicant, lenders offer about 0.05 percent (5 basis points) lower interest rates. 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 avail tremendous income tax benefits. This doubles the tax benefit. In fact, by applying for a joint home loan, both the borrowers can avail different income tax benefits. But this benefit will be available only when both the applicants are also property owners. You will get double tax benefit by taking a joint home loan with your wife. 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 tax benefit of Rs 2-2 lakh on interest under section 24B. In this way you can get a total tax benefit of up to Rs 7 lakh. However, this will also depend on the size of your home loan.
ppf
PPF is a very popular scheme. Through this scheme, you can save a good amount in the long run and also save income tax. According to the rules, a person can open only one PPF account in his name and a maximum of Rs 1.5 lakh can be deposited in it 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 1.5-1.5 lakh annually and get different interest on it. In this way both their investment limit and interest can be doubled. At present 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 EEE category. This means that your investment, interest and maturity amount are completely tax free. The provisions of clubbing have no effect on this.
