Anushka Rathod Instagram – Save taxes as a couple!!
Check out the whole reel to know how!
This is Day 4 of 5 Smart tips for Shaadi Vale Ghar, follow along as next reel will be on how to get free flight tickets for your honeymoon.
For more details, keep reading-
A. Joint Home Loan
1.Increases loan eligibility by considering the combined income of both spouses.
2.Shared liability means both partners are responsible for the loan and potential financial risks in case of default.
3.Late payments can harm both co-applicants’ credit histories, affecting future borrowing abilities.
B. HUF – Hindu Undivided Family
1.Forms automatically upon marriage but requires registration with an HUF deed for legal recognition.
2.Can be formed by individuals from Hindu, Sikh, Jain, and Buddhist communities but not recognized in Kerala.
3.Treated as a separate entity under Income Tax Act, 1961, allowing separate deductions.
4.Can hold property, open accounts, invest, receive gifts, and set up businesses.
5.All coparceners (Individuals who receives a legal right to ancestral property by birth) have equal property rights
6.So, it requires unanimous agreement for decisions, complicating management and closure as the family grows.
Note: We have considered the highest tax slab i.e. 30% and 4% cess to compute the actual tax saving. For example, if a taxpayer in the 30% slab avails a deduction of Rs 1.5 lakh, the total tax saving will be 31.2% i.e. Rs 46,800.
These are just general guidelines; tax rules are complex with a lot of terms and conditions and individual situations may vary. Consult your CA for personalized advice.
[Anushka Rathod, finance, wedding, taxes, money, budget]
#anushkarathod #finance #wedding #taxes #money #budget | Posted on 26/Jul/2024 19:30:24
