Curated By: Business Desk
Last Updated: October 31, 2023, 13:55 IST
Marriage typically ends in a mixed revenue which will place {couples} in a decrease tax bracket, decreasing their general tax burden.
If married {couples} take a joint dwelling mortgage, they get a better tax exemption.
Marriage, typically characterised because the union of two souls, brings not solely emotional and social bonding but in addition a variety of economic advantages. The benefits of matrimony additionally embody financial perks comparable to decreased insurance coverage prices and enhanced mortgage eligibility. These monetary advantages should not restricted to {couples} with matching incomes; in actual fact, married {couples} can leverage joint revenue for numerous monetary benefits, together with contributions to Individual Retirement Accounts (IRA) that allow more practical financial savings for the long run.
Furthermore, marriage typically ends in a mixed revenue which will place {couples} in a decrease tax bracket, decreasing their general tax burden. These multifaceted monetary incentives underscore the holistic benefits of marriage in India.
Let us check out a number of the different monetary advantages {that a} married couple enjoys in India by way of insurance coverage and tax exemptions.
Home Loan
You can save tax by taking a house mortgage as a married couple. If you are taking a joint dwelling mortgage, underneath Section 80 (C) of the Income Tax Act, the tax exemption on the principal quantity reimbursement of a house mortgage will increase from Rs 1.5 lakh to Rs 3 lakh for married {couples}. Similarly, when you’ve got taken a house mortgage after marriage, underneath Section 24 ( B), the tax exemption on curiosity fee on a house mortgage is as much as Rs 2 lakh yearly for every particular person within the couple.
Health Insurance
You can even get revenue tax advantages from taking medical health insurance. Under Section 80 ( D), the married couple can get a tax exemption on premium funds for medical health insurance as much as a most of Rs 25,000. This exemption is simply legitimate when one of many married {couples} is working and securing an revenue for the household. If each husband and spouse are taxpayers, it will get doubled. They can save tax on medical health insurance premiums as much as Rs 50,000 yearly. It additionally turns out to be useful if each are greater-revenue people.
