Income Tax Saving Advice: Marrying has five major tax advantages that people should be aware of

 Income Tax Saving Advice: Marrying has five major tax advantages that people should be aware of

Income Tax Saving Advice: Getting married has many wonderful perks, including the sole tax exemption—this is not a joke. Actually, we're all always considering ways to reduce our income taxes. Tell us anything you can about it.

We strive to use every tactic available to fully benefit from Section 80. So why don't we consider discussing the advantages of marriage with you right now, enabling you to realize your goal of tax savings? In India, being married confers a number of legal privileges as well. of which enable you to save income taxes. You and your spouse may get several tax exemptions by using these techniques. So let us to discuss the advantages of marriage in this post.

advantages of a house loan

Let's start by discussing house loans. When both of your partners take up a combined house loan, meaning that the ratio is 50/50, the annual tax exemption under Section 80(c) on the principal portion of the loan payment rises to Rs 3 lakh from Rs 1.5 lakh. In addition, under Section 24(B), the tax exemption on the interest paid on a loan of Rs. 2 lakh is quadrupled if the loan is taken out after marriage.

advantages of owning real estate

When a couple buys real estate, they are free from income tax. However, you will be required to pay tax on it if you accept it as an individual. Thus, pool your money with your partner to purchase real estate and benefit from the savings.

Benefits of health or medical insurance

You may get an exemption from paying the full Rs 25,000 fee for health insurance under Section 80(D). Should you both work at the same location, you would both be eligible for a Rs 50,000 premium payment rebate.

Taxes will be reduced by the student loan

If both of you are employed, you are eligible for a deduction of up to Rs 3 lakh under Section 80 (C). However, this exemption is only available up to Rs 1.50 lakh if you are single. Consequently, you might get further savings if you remain together.

It seems that marriage does not always come with drawbacks. It has incredible advantages as well. Consequently, if members of your family are urging you to get married, do it now. Anyhow, India's wedding season is about to begin.