Everyone wants to reduce the tax on his earnings and save more money in his pocket. But if there is no proper planning in time, then in the end one has to pay a huge tax. If you are also looking for ways to avoid income tax, then there is good news for you! Your wife can play a big role in your tax planning.
Here we will tell you some of the best ways by which you can save tax of up to millions of rupees, not thousands of rupees with the help of wife.
1. Take Joint Home Loan with Wife – Double Tax Benefit
If your wife also earns, then both of you can get a tremendous discount in tax by taking joint home loan. In this:
✅ Under Section 80C, the principal of loan discounts up to Rs 1.5 lakh
✅ Loan interest up to Rs 2 lakh on loan interest under section 24B
And these discounts both get different. That is, there can be a tax savings of up to Rs 7 lakh in total.
2. Open NPS account in the name of wife – double investment, double savings
The National Pension Scheme (NPS) is a long -term investment plan, which is also a great means of tax saving. If you open the NPS account in the name of your wife and invest in it, then you:
✅ Under Section 80CCD (1B), you can take advantage of additional tax exemption up to Rs 50,000.
That is, the tax benefits on the investment made by both you and your wife become double.
3. Take health insurance for wife and family – health, tax too
Health insurance has now become a great way not just medical security, but also a great way of tax savings. If you take health insurance in the name of wife and family:
Under Section 80D, you can get tax exemption ranging from 25,000 to 1 lakh rupees.
Keep in mind that if the policy of both husband and wife will be different, then tax exemption will get more.
outcome
A little smart planning and your wife’s support can give you a big relief from the mess of income tax. By adopting these three easy methods, you can not only save tax, but can also prepare a safe financial plan for the future.
📌 Remember: Start the tax saving at the beginning of the year, so that there is no haste later and every benefit can get the right benefit.
