The facilities and perks given to women as compared to men by central and state governments are of course evident. In this regard, not many are aware that your wife can prove to be of great help in saving income tax. The Union Government has made a special rule for women, under which husbands can take double benefit of exemption in tax.
Here’s how you can do it.
Health Insurance
Everyone is getting themselves secured through health insurance amid the Covid-19 pandemic. if you are under 60 years old, then you can also save up to Rs 25,000 through Health Insurance Premium. You can get a premium for your wife and child too.
You get exemption under section 80D, either by taking mediclaim, family floater, or critical illness insurance. Similarly, those who are above 60 years of age, will get a tax benefit of up to Rs 50,000.
Joint Home Loan
This is one of the easiest ways to save tax in such a situation, if you make a joint home loan, then the EMI payers get the benefit of tax exemption. You get a deduction of up to Rs 1.5 lakh under Section 80C. Similarly, the interest portion will get a rebate of up to 2-2 lakh rupees under section 24.
Life Insurance
Life Insurance is also the easiest way to get exemptions from income tax. If you take a joint insurance policy, then you won’t have to face any kind of trouble in case something happens to your wife. In a joint insurance policy, you get more benefits at a lower premium. While under Section 80C, there is also the benefit of income tax exemption.
Education Loan
You can avail of deduction on the expenses of up to Rs 1.5 lakh for the education of children under Section 80C of the Income Tax law. This cost of children’s education can be from any university, college, school, or any of the educational institutions.
You will be able to take this benefit of the deduction for up to two children. If there’s a third child, then any other person from the husband or wife can claim a deduction at the expense of his/her studies.
Leave Travel Allowance
A taxpayer can avail leave travel allowance for two trips within four years. But if both husband and wife are taxpayers, then together they can take advantage of 4 travel allowances in 4 years. In this way, they can go on holiday 4 times instead of 2 times.