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.

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.

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.

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.