Income Tax Saving Tips: Amazing benefits of marriage, you will get only tax exemption, yes, this is no joke. Actually, we all keep thinking about how to save income tax all day long. Let us know about it in detail.
We work on every technique to take full advantage of Section 80. So why don’t we think of explaining to you the benefits of marriage today, so that you can fulfill your desire of saving tax. With marriage in India, you also get many legal rights. Some of which help you save income tax. With these methods you and your partner can get many tax exemptions. So let us tell you the benefits of marriage in this article.
Benefits available on home loan
First of all let’s talk about home loan. When both your partners take a joint home loan, that is, the ratio between you two is 50-50, then the tax exemption under Section 80(c) on the principal amount payment of the loan increases from Rs 1.5 lakh to Rs 3 lakh every year. Apart from this, if the loan is taken after marriage, then under Section 24(B), the tax exemption on interest payment of loan of Rs 2 lakh is also doubled.
Benefits of buying property
Income tax exemption is available on purchasing property as a couple. But if you take it as an individual then you have to pay tax on it. Therefore, invest in property with your partner and take advantage of the discounts.
Benefit on medical or health insurance
Under Section 80(D), you can avail exemption on premium payment of Rs 25,000 for health insurance. If both of you work at the same place, you will get the benefit of rebate on premium payment of Rs 50,000.
Tax will be saved through education loan
Under Section 80 (C), if both of you are working, then exemption of up to Rs 3 lakh is available. Whereas if you are single then this exemption is only up to Rs 1.50 lakh. Therefore, by staying together, you can avail more discounts.
So you learned that marriage does not always have disadvantages. Its benefits are also amazing. Therefore, if your family members are asking you to get married, then get married this season. Anyway, wedding season is about to start in India.
