Children’s education is becoming a costly affair with time due to inflation. Once the housing problem is sorted, couples plan on bringing the next generation to live and start their journey as a family soon. This brings the total tax benefits on home loans to ₹4,00,000 per year. This benefit can be doubled when both partners are taxpayers and co-borrowers of the loan on a 50-50 sharing. According to that section, you can get a tax deduction of ₹2,00,000 per year on the interest that you pay on your home loan. There is another greater tax benefit that you can avail of when you get a home loan post-marriage which is provided by Section 24(B) of the IT Act. So, it is crucial that you know of the limits and balances your payments under the limit to get the most benefits. If you are taking the entire ₹1,50,000 tax deduction for repaying your housing loans, you will get no benefits when you are paying your insurance premiums or your contribution to your provident fund. This section is dedicated to tax deductions under different provisions uch as housing loans, provident funds, and life insurance policy. Section 80(C) of the IT Act allows a maximum tax deduction of ₹1,50,000 per year. There are some necessary/crucial things you need to know about these tax deductions. This benefit can be doubled to ₹3,00,000 per year if both partners are taxpayers and co-borrowers of the loan on a 50-50 sharing basis. Getting a home loan has many tax benefits as well, and if you and your partner are both taxpaying individuals, you can attain double the tax benefits if you co-borrow your home loan on a 50:50 basis.įirstly, under section 80(C) of the Income Tax Act, individuals are allowed a tax deduction of ₹1,50,000 for the repayment of the principal amount of home loans per year. Home loans are available for this exact purpose to help couples fulfil their housing dreams without spending all their life’s savings. The next thing couples want after marriage is to build a home of their own and start their family as they please. Once your medical insurance is on the way, you have secured your ability to ensure the safe health and future of your family. In this situation, the family is better able to afford more coverage for their health insurance and have a safer future for their family. In case both the spouses are taxpaying individuals, then they can both avail maximum benefits individually and for the family under section 80(D), which totals to tax deductions of ₹50,000 per year for paying the health insurance premiums of the family. This situation is only true in the case, only one of the spouses is a taxpaying member of the family. But, as per the laws, you cannot claim any amount over ₹25,000 under section 80(D) in your tax deductions. ![]() ![]() ![]() Given the rising cost of healthcare in India, the ₹25,000 tax deduction for the payment of health insurance premiums for a family is not enough. So, practically if you are not availing the health checkups per year for your family, you will be missing out on ₹5,000 of tax benefits. The ₹25,000 tax deduction allowed by the government is essentially a deduction of ₹20,000 for the payment of insurance premiums and a sub-limit of ₹5,000 for going through pre-emptive medical checkups. The Indian income tax laws allow for a tax deduction of a maximum of ₹25,000 per year as per section 80(D) for the payment of the health insurance premiums. One of the first things young couples plan on doing after getting married is to get health insurance together to ensure the health and safety of their family in the future. Let’s take a look at some of the best ways for you to save taxes after marriage.ĥ Great Ways for You to Save Income Tax After Marriage Medical/Health Insurance How? There are many ways a spouse can help you enhance your income tax savings. Even though in India, married couples cannot file their taxes jointly, it might be in your best interest because when you file for taxes individually, you can save even more income tax. What happens after your marriage when you become a family? Are there any tax benefits that you can receive after your marriage? Yes, there are a few ways you can save a considerable amount of taxes after your marriage legally. Saving taxes on gifts is how you can save on your marriage expenditure. However, any gift, no matter its value, that you receive from your immediate family or relatives for your marriage is exempt from income tax as per Section (56) of the Income Tax Act of India. In India, marriage expenses are exempt from taxes since they fall under personal expenditure. A marriage calculator will help you learn all that you need to know about the tax benefits you can get from your marriage. ![]() How? Well, there are many legal avenues that you can use in India to get tax benefits as a couple after your marriage. Yes, getting married can help you save taxes.
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