Who doesn’t want to secure their future? Surely you want too. According to multiple reports, people are now investing in different places besides depositing money in banks. People invest in the hope of making good money. Nowadays, there are many schemes that also give better returns on your investment and also save income tax. But if you want to earn strong profits, then include your wife in this investment too. There are many schemes in which you can earn more profits with the help of your wife. Know the details.
Fixed Deposit
Earnings from FDs with a tenure of less than 5 years are considered taxable. When the earnings through interest on fixed deposits exceed the prescribed limit, TDS is deducted from it. But if you want, you can save this tax with the help of your wife. According to the rule, if the income earned through interest on FD is more than Rs 40,000 annually, then TDS is deducted. If your income comes under the tax net, but your wife is a housewife, then you can avoid TDS payment by getting FD in the name of the wife. The housewife does not have a tax liability. On the other hand, if your wife falls in the lower tax bracket, you can still prevent TDS deduction by getting an FD in her name. Just for this, your wife has to fill out Form 15G. If you want, you can also get a joint FD in the name of the wife, but in this you have to make the wife a first holder.
Home Loan
A home loan is undoubtedly a loan, but it is considered a good loan because you take it to invest in property and the price of the property increases over time. When you take a joint home loan by making your wife a co-applicant, you get a lot of benefits. The first advantage is that the loan is a little cheaper. Typically, lenders offer an interest rate lower by about 0.05 percent (5 basis points) if a woman co-applicant is a woman. Apart from this, if both your wife and you earn, then the limit of the loan amount also increases.
PPF is a very popular scheme. Through this scheme, you can also add good money in the long term, as well as save income tax. Under the rule, a person can open only one PPF account in his name, and a maximum of Rs 1.5 lakh can be deposited annually. There is also no option to open a joint account in PPF. But if both your wife and husband earn, then both can open separate accounts in their own names. In this way, both husband and wife can deposit up to 1.5-1.5 lakh rupees annually and can get interest separately on these. In this way, both their investment limit and interest can be doubled. At present, the PPF interest rate is fixed at 7.1 percent. Apart from this, tax benefit is available under 80C in PPF. This investment is placed in the E-E-E category. This means your investment, interest, and maturity amount are completely tax-free. The clubbing provisions have no bearing on this.
POMIS
In this post office scheme, a lump sum amount has to be invested. Interest is earned on investment. After 5 years, the principal amount deposited is returned to you. At present, this scheme is getting interest at the rate of 7.4 percent. In this scheme, different limits of deposit have been fixed for single and joint accounts. A maximum of Rs 9,00,000 can be deposited in a single account and a maximum of Rs 15,00,000 in a joint account. It is clear that if you open a joint account with this wife, then you will be able to deposit more and earn more. If you deposit Rs 9,00,000 in the account, then according to 7.4% interest, you can earn up to Rs 5,550 every month. On the other hand, if you open a joint account of POMIS with your wife and deposit Rs 15,00,000 in it, then you can earn a maximum of Rs 9,250 a month.
Joint Home Loan Tax Benefits
By taking a joint home loan with your wife, you can also take tremendous advantage of income tax. This doubles the tax benefit. In fact, on applying for a joint home loan, both the borrowers can take advantage of different income tax benefits. But this benefit will be available only if both are the owners of the property along with the applicant. If you take a joint home loan with your wife, you will get double the tax benefit. On the principal amount, both of you can claim Rs 1.5-1.5 lakh, i.e., a total of Rs 3 lakh under 80C. At the same time, both can take a tax benefit of Rs 2-2 lakh on interest under Section 24B. In this way, you can get the benefit of tax up to Rs 7 lakh in total. However, it will also depend on how much your home loan is.
