2. Tax Planning for the couple

Think of some innovative ideas for tax planning for the couple and here are some of the important points which should be taken into consideration by you. Firstly think of a separate income-tax file of the spouse, take care of non-clubbing provisions.

Maximize tax deduction under section 80C for you and your spouse separately and try to find out how a residential house for you and your spouse jointly owned would get best deduction and maximum deduction of 2 lakhs per annum for each of you. Also make payment of Mediclaim Policy Premium for you and enjoy tax deduction up to 15000.

3. Planning for elder family members

Next step in tax planning is to plan for a separate independent income-tax file of your grandparents and parents. This can be done through gift by you. Likewise, you can think of taking out Mediclaim Policy for your aged parents and this can help you to cut down your income-tax because you can enjoy additional deduction under section 80D amounting to 20000.