How you save tax with the help of a partner

Marriage leads with it its bag of duties and benefits. If your partner and you are both employed, you can share your payment. For example, both can contribute towards paying the EMIs of the house or purchasing your dream car.

While you look for many ideas to save money, your partner can also assist you to save taxes. Because saving taxes can be a big task sometimes. With limited exemption for each investment, one may have to make various investments and still end up spending a lot of tax. However, the method can be far simpler if the burden can be divide with your spouse, thus saving important amounts in taxes.

An investment planner in bilaspur can assist you to create a tax-efficient investment plan that assures you to invest accurately for your aims.

If you find it difficult to choose investment options that can assist you to reach your financial goals while remaining tax-efficient at the same time, you may want to consult your investment planner to carve out the most suitable strategy. They also play a great role in tax planning because tax planning is the most important factor, but it should also be in sync with your financial purposes.

Here are some basic steps for how investment planner guides you on how you can save tax with the help of your partner:

Joint Home Loan: You are eligible for various tax profits and this is a benefit for couples if they are looking to purchase a home together through home loans so it will be really helpful to double your tax benefits. But one thing you should remember you both are eligible for the loan, and they will gain tax profits in the ratio the loan burden is shared.

For Example: For interest exemption under Section 24B, a person is allowed up to Rs 2 lakh in exemption towards interest amounts on a loan for a self-occupied home. But if you take a Home Loan so the limit for couples can avail a total deduction of Rs 4 lakh (Rs 2 lakh each) on the interest payment, provided you co-borrow in the ratio of 50:50.

The identical implements for principal calculation under Section 80C as well, where the partner can together claim Rs 3 lakh, i.e. Rs. 1.5 lakh separately. Together they can save up to Rs 7 lakh in a year on a house loan.

However, if a person purchases a property in the name of his partner, who has not contributed any money, the same requirements are not appropriate.

Joint life insurance policy: Life Insurance is still one of the most popular methods to save tax. If you and your partner can enjoy additional benefits when you take a joint term policy, both can independently claim an exemption for the same under Section 80C. The premium on such policies is calculated as per the ages of the husband and wife and it also gives profits you as you can avail of

Marriage leads with it its bag of duties and benefits. If your partner and you are both employed, you can share your payment. For example, both can contribute towards paying the EMIs of the house or purchasing your dream car.

While you look for many ideas to save money, your partner can also assist you to save taxes. Because saving taxes can be a big task sometimes. With limited exemption for each investment, one may have to make various investments and still end up spending a lot of tax. However, the method can be far simpler if the burden can be divide with your spouse, thus saving important amounts in taxes.

An investment planner in bilaspur can assist you to create a tax-efficient investment plan that assures you to invest accurately for your aims.

If you find it difficult to choose investment options that can assist you to reach your financial goals while remaining tax-efficient at the same time, you may want to consult your investment planner to carve out the most suitable strategy. They also play a great role in tax planning because tax planning is the most important factor, but it should also be in sync with your financial purposes.

Here are some basic steps for how investment planner guides you on how you can save tax with the help of your partner:

Joint Home Loan: You are eligible for various tax profits and this is a benefit for couples if they are looking to purchase a home together through home loans so it will be really helpful to double your tax benefits. But one thing you should remember you both are eligible for the loan, and they will gain tax profits in the ratio the loan burden is shared.

For Example: For interest exemption under Section 24B, a person is allowed up to Rs 2 lakh in exemption towards interest amounts on a loan for a self-occupied home. But if you take a Home Loan so the limit for couples can avail a total deduction of Rs 4 lakh (Rs 2 lakh each) on the interest payment, provided you co-borrow in the ratio of 50:50.

The identical implements for principal calculation under Section 80C as well, where the partner can together claim Rs 3 lakh, i.e. Rs. 1.5 lakh separately. Together they can save up to Rs 7 lakh in a year on a house loan.

higher tax deductions. Although if you and your partner have taken jointly so you both can claim a taken jointly, you both can claim a deduction of the insurance investment under Section 80C separately.

Secure your partner’s health: Health insurance is one of the reliable ways of covering the numerous medical expenses that may happen in your lifetime. Additionally, Health insurance also assists you avail of tax profit. Under Section 80D of the Income Tax Act, you are eligible for a tax deduction on the expense you spend as a premium for your Health Insurance, up to a limit of Rs 25,000. You can claim a higher deduction by spending the premium of your spouse’s Health Insurance policy and clubbing it in your costs. You can claim a deduction on the premium you spend for yourself and your wife up to a limit of Rs 25,000.

Plan investment: A good investment planner will assist and guides you on how to plan your investment as well as plan your expenses. 

While the government may give limited opportunities for partners to save tax, they can plan their expenses in a way that the overall tax liability of the household decreases. For example, if the wife earns more than the husband and is in the 40% tax bracket, it is but common for more tax expenses to be made in her name from her funds. This way the husband, who may be in the 30% bracket, can focus on general wealth creation and savings instead of focusing only on tax saving. For example, the husband can hold options like Fixed Deposit where the interest taxed for the deposit will also be lesser, as he is under the 10% bracket.

At the end of the day, both have to determine what their priorities are and how their overall and individual tax liability can be reduced to avail their future in the long run.

In this way, Investment planner in bilaspur will assist people to align their investments with their real financial goals and will help you to guide you on how to save tax with the help of a partner. For more information, please visit : https://www.surezindagi.com

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