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How to save tax by spouse and children: How spouses and children can help you save income tax Tax liability can also be deducted by spouse and children.

How to save tax by spouse and children: How spouses and children can help you save income tax Tax liability can also be deducted by spouse and children.
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How to save tax by spouse and children: How spouses and children can help you save income tax Tax liability can also be deducted by spouse and children.

How to save tax by spouse and children: How spouses and children can help you save income tax Tax liability can also be deducted by spouse and children.

Income Tax Savings: Taxpayers make many efforts to get less money out of their pockets in the form of taxes. Invest money in their own name in various investment options. To save tax, the taxpayer can also get help from his family if he wants. Tax liability can also be deducted by spouse and children. Let’s learn how-

Joint home loan

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A home loan borrower can claim a deduction of up to Rs 2 lakh per annum on home loan interest under Section 24B of the Income Tax Act. In addition, under Section 80C, deduction is available on the principal amount up to a maximum of Rs 1.5 lakh per annum. If the home loan is taken jointly with a spouse or children, the borrowers can avail these tax benefits separately. However, keep in mind that a co-applicant can get a tax deduction only if he or she owns the property. If both are owners as well as applicants, only they can avail tax benefits separately.

Health insurance premium

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Individual or HUF (Hindu Undivided Family) in case of tax deduction up to a maximum of Rs. 25,000 (Senior Citizen Taxpayer Rs.

Educational loan for wife or children

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Tax deduction can be claimed under Section 80E on loans taken for the purpose of higher education. This loan can be for the taxpayer, spouse, child or any student whose taxpayer is a legal parent. The tax deduction can be availed from the year in which the interest on the loan is repaid or till the full interest is paid, from the year in which the period ends earlier. There is no limit to claim a deduction on the interest on an education loan. You can avail tax deduction on the entire amount of interest paid for the entire financial year.

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If the spouse is together in business

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If the taxpayer is a business person and his / her spouse is professionally qualified and assists in the business / business, then the total receipt can be divided between the company and the spouse. In such a case, the income tax slab can also be availed on the income earned by the spouse from the business or occupation and tax can be saved.

Children’s school / college fees

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If your children are studying, they can claim a deduction of up to Rs 1.5 lakh under Section 80C of their school or college fever income tax law. This benefit is available on the tuition fee tax benefit in school / college fees. It can be taken for two children.

Investment in the name of children

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Tax savings can also be made by investing in children’s names. For this, PPF, Sukanya Samrudhi Account, Mutual Fund, Traditional Insurance Policy can be availed in the name of children. You can claim a deduction under section 80C on the money deposited in it. Upon opening a savings account in the name of a minor, interest up to Rs. This benefit can be availed in the name of maximum two children.

The departments also know about 80DD and 80DDB

-80 dd-80 ddb-

An individual or HUF can claim tax deduction on medical treatment, training, etc. of a dependent relative of a disabled relative through section 80DD. In this, deposits in a specific scheme for the care of that disabled relative will also come under the exemption. If the dependent relative is 40 per cent or more but less than 80 per cent disabled, a tax deduction of Rs. If the relative is severely disabled i.e. more than 80 per cent, the tax deduction will be Rs 1.25 lakh.

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Under Section 80 DDB, a salaried employee can claim a tax deduction of a maximum of Rs 40,000 on the treatment of his or her dependent family member in case of selected diseases. In case of treatment of senior citizens, the benefit of tax exemption can be availed on medical expenses up to Rs. 1 lakh.

Health insurance protection: How to file a reimbursement claim

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