Tax Exemptions In Home Loan To Health Insurance, Know Financial Benefits For Marriage

Marriage, often characterised as the union of two souls, brings not only emotional and social bonding but also a range of financial benefits. The advantages of matrimony also encompass economic perks such as reduced insurance costs and enhanced mortgage eligibility. These financial benefits are not limited to couples with matching incomes; in fact, married couples can leverage joint income for various financial advantages, including contributions to Individual Retirement Accounts (IRA) that enable more effective savings for the future.

Furthermore, marriage often results in a combined income that may place couples in a lower tax bracket, reducing their overall tax burden. These multifaceted financial incentives underscore the holistic advantages of marriage in India.

Let us take a look at some of the other financial benefits that a married couple enjoys in India in terms of insurance and tax exemptions.

Home Loan

You can save tax by taking a home loan as a married couple. If you take a joint home loan, under Section 80 (C) of the Income Tax Act, the tax exemption on the principal amount repayment of a home loan increases from Rs 1.5 lakh to Rs 3 lakh for married couples. Similarly, if you have taken a home loan after marriage, under Section 24 ( B), the tax exemption on interest payment on a home loan is up to Rs 2 lakh annually for each individual in the couple.

Health Insurance

You can also get income tax benefits from taking health insurance. Under Section 80 ( D), the married couple can get a tax exemption on premium payments for health insurance up to a maximum of Rs 25,000. This exemption is only valid when one of the married couples is working and securing an income for the family. If both husband and wife are taxpayers, it gets doubled. They can save tax on health insurance premiums up to Rs 50,000 annually. It also comes in handy if both are higher-income individuals.