Save more tax by taking a joint home loan (Tax Saving)

If your wife also earns, then taking a joint home loan is always beneficial. This way, both of you will be able to save tax on your earnings. Because on taking a joint home loan, you can claim separate tax deductions of up to Rs 1.5 lakh on the principal repayment under Section 80C and up to Rs 2 lakh under Section 24(b). Thus, by taking a joint loan, both of you can get a total tax deduction of up to Rs 7 lakh. But remember that unless the property is in joint name, you will not be able to avail this tax benefit.

How can a wife double your income?

To double your income, open separate PPF accounts in the name of both you and your wife and invest in them. You can claim tax benefits on investments up to Rs 1.5 lakh in both the accounts. In this way, you can claim tax benefits on total investments up to Rs 3 lakh. So, your income has doubled, right? (Double your income).

NPS Account in Wife’s Name

Open an NPS (National Pension System) account in your wife’s name as well. By investing in both the accounts, you can claim additional tax benefits of up to Rs 50,000 under Section 80CCD(1B).

Health Insurance Policy in the Name of Wife or Family

You can claim tax deduction under Section 80D on the premium paid for a health insurance policy for your wife and family. Under Section 80D, tax deduction can be claimed on health insurance premium for spouse and family members. But to avail this tax benefit, both husband and wife will have to buy separate health insurance policies.

Benefit of interest deduction on wife’s savings account

Open a separate savings account in the name of your wife. Under section 80TTA, tax benefit is available on interest income up to Rs 10,000 on both the accounts.

In these ways you can save a lot of tax and more tax saving means more income. You can use this money to strengthen your financial portfolio, which can meet many of your needs in the future.

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The post 5 Smart Ways to Save Income Tax, Income can also Double first appeared on Rightsofemployees.com.

There are clear laws regarding property, according to which it is decided who is entitled to which property and who is not. But despite this many times girls are deprived of their rights. If this happens then you can get your rights back by adopting the path of law.

By amending the Hindu Succession Act, 1956 in the year 2005, daughters have been given the legal right to get equal share in ancestral property. This law was made in 1956 for the provisions of claim and rights on property. According to this, the daughter has as much right on the father’s property as the son. Today we will tell you when daughters can claim on father’s property.

If the son transfers his father’s property in the name of his sons, then  if the father is alive and has transferred his self-acquired property to the grandsons, then the daughters have no claim on it. If the father has died and the property has been transferred through a will, then the daughter can challenge that will in the court on the basis of valid reasons. But if the father died without writing a will, then the daughters have equal rights in the property of the deceased and they can claim it in the court.

When wife cannot write Will for property

Let A be a Hindu man, who died intestate and the gift deed property was his own property. In such a situation, the wife cannot write a will for that property. If he dies intestate, then under the Hindu Succession Act, 1956, all Class I heirs will have an equal share in the property. Class 1 heirs will include wife, children and mother of the deceased.

When the daughter cannot claim the father’s property,

the daughter’s side is weak in the case of self-acquired property. If the father has bought land, built or bought a house with his own money, then he can give this property to whomever he wants. It is the legal right of the father to give self-acquired property to anyone of his own free will. That is, if the father refuses to give the daughter a share in his own property, then the daughter cannot do anything.

The post Property Right: New Update! Father has given property to sons, can daughter still claim it? know rights first appeared on Rightsofemployees.com.