There are some people who are happy to hear the name of marriage. But there are also many who are scared when they hear the name of marriage. But did you know that there are many benefits to getting married? Suppose you get married as you can easily save tax. Yes, you heard it right. After you married the expenses are also very high. But you can also save income tax by saving on marriage. Here are five ways you can save on your income tax as the wedding season approaches.
Tax benefits on home loans
Owning a home is a dream for many. When couples take a joint home loan, they can enjoy significant income tax benefits. If you split the loan equally, the tax exemption under section 80C on the principal repayment can rise from Rs 1.5 lakh to Rs 3 lakh each year.
Tax benefits on medical or health insurance
Investing in health insurance also offers tax advantages. According to Section 80D of the Income Tax Act, you can claim an exemption on health insurance premiums up to Rs 25,000, provided one spouse is employed.
Tax benefits on children’s education
Married couples can also benefit from tax exemptions related to their children’s education. This benefit falls under section 80(C) as well, and if both partners are taxpayers, the exemption can go up to Rs 3 lakh.
Tax advantages on Leave Travel Allowance
If both you and your partner are employed and paying taxes, you can take advantage of up to 8 trips together over a span of four years. The great news is that you can also reduce your income tax with these trips.
Tax savings on property
When relocating from one property to another, you and your partner can benefit from income tax exemptions as a couple. If you purchase a new property individually, it will be subject to tax. However, if you acquire a property in your partner’s name and they do not already own a housing property, you can save on taxes by registering them as taxpayers.
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Sweta Mitra
Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...
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