"Family Tax Planning By DINKs (Double Income No Kids)"

 

Working couples who have no children are known as DINKs (Double Income No Kids). Substantial tax planning is needed for them even in the initial years of their married life. The best tax planning which DINKs should adopt is that each one of them should take full advantage of income tax exemptions and deductions.

The present exemption limit for the financial year 2012-2013 is `2,00,000 for every individual tax payer. In addition, for a woman tax payer also the exemption limit would be ` 2,00,000. Thus, for the financial year 2012-2013, DINKS would be able to enjoy a combined exemption limit of `4,00,000. In the past the tax exemption slabs were not so very attractive. They should also make investments in a residential house by taking a loan and thus save income tax up to the maximum extent (each of them). They should also plan a separate income tax file of HUF.

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