HOW TO SAVE TAX? HERE ARE SOME TIPS
Albert Camus,” Note, besides, that it is no more immoral to directly rob citizens than to slip indirect taxes into the price of goods that they cannot do without.”
There are various ways to save tax. Tax is something our government pays to their fellow citizens in the name of employment and then robs knavishly.
Methods To Save You Tax:
People invest onto Life insurance, ELSS, PPF because they are the best ways to save tax. However, these are not the only ones – there are other methods where you can save your back as much as possible.
Gift Your Relatives Money :
Tax benefit can be useful by the assessee if they associate their income with another individual. This is termed as Deemed Income under various provisions, which is mention in section 60 to 64. The limitations for this scheme is that the sum of money received from persons, other than relatives are taxable if the amount surpasses Rs. 50,000.
Therefore, for benefit gift the money to your wife, children (above 18 years) and your parents who does not have taxable- income.
Claim Stamp Duty And Registration Fees:
The benefits can be claimed, by filing refund for stamp and registration under section 80C for purchase of a house. The deductions cannot be demanded in any year other than that of the actual payment of the expenses, secondly if someone else has paid for the assessee and thirdly if the house is under construction or they do not possess the house.
Tips: Joint owners can get deductions up to Rs. 1.5 lakh each in which they share house under sec 80C. Any other expenses paid for transfer of property are also exempted to deduction under sec 80C.
Others Tips Include:
Declare your losses in tax return to save tax in future. The IT act will set off losses. Having any ailing individual dependent at home, especially at home can easily be benefited under sec 80DDB. For more information, contact MoneyMindz offering free financial advisory service.
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