4 Ways your spouse can support you save tax
1. Joint Home Loan Both the borrowers are eligible to claim benefits. Deduction of up to Rs 1.5-1.5 lakh under Section 80C. Both partners can jointly claim deductions worth Rs 3 Lakhs. Moreover, the total tax deduction on the interest repayment of your Home Loan goes up to Rs 4 Lakh from Rs 2 Lakh. 2.Leave Travel Allowance A taxpayer can avail leave travel allowance for 2 trips within 4 years. If both 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. 3.Life Insurance Can claim tax deduction on the premium paid for your spouse’s policy under Section 80C of the Income Tax Act. In a joint insurance policy, you get more benefits at a lower premium. 4. Health Insurance Can save up to Rs 25,000 through Health Insurance Premium. One can get a premium for wife and child. In this, we get exemption under section 80D, either by taking health insurance.