Save Big on Taxes as You Say "I Do": Tax-Saving Tips for Married Couples

Hello Taxpayers,

Marriage is not just a beautiful journey but also an opportunity to make smart financial decisions! With more than 35 lakh weddings lined up this Shaadi season, Indians are expected to spend Rs.4.25 lakh crores on weddings. Amidst all this celebration and spending, one important question arises - Can marriage help you save taxes?

The answer is YES!

There are multiple ways for newly married couples to reduce their tax burden and plan for a financially secure future together.?

Top 5 Ways Newly Married Couples Can Save Taxes

1. Benefit from Joint Home Loans If you and your spouse are planning to buy a house, taking out a joint home loan can be a great way to save taxes. Under Section 80C and Section 24(b), each spouse can claim deductions on both principal repayment (up to Rs. 1.5 lakh) and interest (up to Rs. 2 lakh) on the loan. By sharing the ownership and the loan repayment, you both maximize your deductions!
2. Leverage Wedding Gifts Wedding gifts received from family, friends, or even colleagues are exempt from income tax under Section 56(2). As long as the gifts come from immediate family members or are under a certain value, you won’t be taxed on them, allowing you to save while accepting wedding presents.
3. Maximize Deductions by Investing in Tax-Saving Instruments As a couple, you can now plan joint investments in tax-saving schemes like Public Provident Fund (PPF), National Pension Scheme (NPS), and Equity-Linked Savings Scheme (ELSS). Not only do these investments provide tax benefits under Section 80C, but they also help secure your future. Each partner can claim deductions of up to Rs. 1.5 lakh separately!
4. Claim Health Insurance Premiums Together Under Section 80D, couples can claim tax deductions on health insurance premiums for themselves, their children, and even their parents. By covering both sets of parents (yours and your spouse's), the family floater policy can help you claim tax deductions of up to Rs. 50,000, subject to certain conditions.!
5. Plan Together for HRA and Rent Deduction If one spouse owns a house and the other is renting, you can claim House Rent Allowance (HRA) benefits while also getting deductions on the home loan interest under Section 24. Joint planning can help maximize these tax-saving benefits for the couple.

Need Help Navigating Tax Planning?

Our expert tax professionals are ready to guide you through tailored tax-saving options for married couples. Whether you're planning investments, claiming deductions, or just want clarity on the best tax strategies, consult with our experts and secure your financial future together.?

Consult a Tax Expert Now!