Tax saving tips: 3 ways married couples can save up to Rs 7 lakh on taxes

Claiming HUF (Hindu Undivided Family) Status: Married couples can form an HUF and claim deductions under Section 80C, 80D, and 80G.

This separate legal entity can claim a basic exemption limit of Rs 2.5 lakh, reducing their taxable income by splitting it between the couple.

Maximizing Section 80C Deductions: Couples can jointly invest in tax-saving instruments like PPF, EPF, ELSS, and NSC. 

The combined total deduction under Section 80C can go up to Rs 1.5 lakh per person, adding up to Rs 3 lakh for both, reducing taxable income substantially

Utilizing HRA and Home Loan Benefits: If one spouse is paying rent, they can claim the House Rent Allowance (HRA) exemption under Section 10(13A). 

Additionally, both spouses can claim deductions on home loan interest under Section 24(b), which allows up to Rs 2 lakh each per year for a home loan, totalling Rs 4 lakh in savings.

By combining these strategies, married couples can potentially save up to Rs 7 lakh on taxes.

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