Marriage is significant in Indian culture, emphasizing the importance of a happy relationship between husband and wife.
Financial stability is crucial for a happy married life. By following financial principles together, couples can save a considerable amount of money, potentially up to Rs. 7 lakhs in tax savings.
Shared financial goals and mutual support are key to wealth accumulation in a marriage. Educated couples, in particular, can leverage this teamwork to save up to Rs. 7 lakhs in taxes while meeting their joint financial needs.
Here are some ways to save on income tax: Education Loan: Married couples often pursue further education together. Under Section 80E of the Income Tax Act, taking an education loan can be tax deductible for eight years.
Stock Market Investment: Long-term investments in the stock market offer tax exemptions on capital gains up to Rs. 1 lakh. If the wife has a low income or is a housewife, investments in her name can lead to tax exemptions on capital gains.
One effective way for couples to save on taxes is by taking a joint home loan. By registering the purchased house in both names, they can save up to Rs. 7 lakhs in taxes.
This includes a tax benefit of Rs. 1.5 lakhs on the principal amount under section 80C and a total of Rs. 2 lakhs each on interest under section 24.