There are some such transactions, which can be of great benefit if husband and wife do it together ie in a joint manner. If you do some joint transactions with your wife, then you can save a lot of tax (Tax Saving Tips). Let’s know about it in detail.
Husband and wife are called each other’s partner. Both support each other in every happiness and sorrow. Both not only provide emotional support, but can also provide financial support to each other. There are some such transactions, which can be of great benefit if husband and wife do it together ie in a joint manner. If you do some joint transactions with your wife, then you can save a lot of tax (Tax Saving Tips). Let us know in which ways your wife can prove to be helpful in saving your income tax.
Joint home loan will benefit
If you are thinking of buying a house, then buy it by taking a joint home loan and get it registered in the name of both. In this case, you can claim tax benefits on both the home loans. If seen in this way, you will get double 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 tax benefit of up to Rs 2 lakh on interest under section 24. That is, if seen, you can get the benefit of tax up to Rs 7 lakh in total. However, it will also depend on the amount of your home loan.
Give money to wife and invest in share market
If you invest money in the stock market for the long term, then you will get tax exemption on capital gains up to Rs 1 lakh. In such a situation, if your wife’s earning is very less or she is a housewife, then you can give her some money and invest in the stock market in her name. In this way, on the return you will get on that money, your wife will get tax exemption on capital gains up to Rs 1 lakh. On the other hand, if you invest this money yourself and you already have a capital gain of Rs 1 lakh, then your total gain becomes Rs 2 lakh. In this case, you would have to pay tax on Rs 1 lakh.
Education loan for wife’s education
There are many girls who get married under family pressure, but later they feel that they have to study further. In such a situation, if you take an education loan for your wife and she studies with it, then you will get tax exemption on the interest on that loan. You can get tax exemption on education loan interest for 8 years. You get this exemption under section 80E. 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 that is recognized by the government.
