Tax Planning for Married Couples: Tips Udayan Adhye

Marriage brings not only companionship but also opportunities for efficient tax planning. Udayan Adhye, a finance content creator, shares three easy ways married couples can save money through smart tax planning. These tips can help you and your spouse manage your finances better and enjoy tax benefits as a team.

1. Leveraging Leave Travel Allowance (LTA)

• Strategy: If both you and your spouse are salaried taxpayers, you can utilize the Leave Travel Allowance (LTA) exemption.
• Implementation: Plan your vacations strategically and claim LTA in alternate years to enjoy this exemption for four consecutive years.
• Benefit: This allows both of you to save on taxes while enjoying your travel experiences together.

2. Maximizing Home Loan Benefits

• Strategy: As a couple, if you have a joint home loan and joint ownership of the property, you can each claim a deduction on home loan interest.
• Implementation: Ensure that both names are on the loan and property documents to avail of this benefit.
• Benefit: Together, you can enjoy a total deduction of Rs. 4 lakhs (Rs. 2 lakhs each), significantly reducing your taxable income.

3. Health Insurance Tax Benefits

• Strategy: Invest in health insurance for yourself, your spouse, and dependent children to avail tax deductions.
• Implementation: Under Section 80D of the Income Tax Act, you can claim a deduction of up to Rs. 25,000 for the premiums paid.
• Benefit: This not only provides financial security in case of medical emergencies but also reduces your taxable income, leading to tax savings.

View this post on Instagram

A post shared by Udayan Adhye | Finance & Investing (@udayanonmoney)

Married couples have unique opportunities for tax planning that can lead to substantial savings. By following Udayan Adhye's tips on Leave Travel Allowance, home loan interest deductions, and health insurance tax benefits, you can optimize your financial planning as a couple. These strategies not only help in saving taxes but also encourage joint financial goals and security.