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.
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