POSTED BY January 2, 2013 10:45 pm COMMENTS (5)
ONDear Manish,
Refer investment plan
|
|
net income |
335335 |
HRA |
23205 |
PF |
27770 |
LIC |
13944 |
MEDICAL |
9500 |
TERM INSU |
4262 |
LTA |
|
PPF |
10000 |
FINAL AMOUNT |
246654 |
SUR PLUS AMUNT |
46654 |
Intrest Income |
15000 |
total |
61654 |
TAX AMOUNT |
6165.4 |
As above mentioned to avoide tax libility by inceasred in PF,INSURANCE POLICY,TAX FREE FD,BOND,OR NSC ETC.
But as intrest of no debt investment product can i avoide tax liability by income sibling or gifting method?
if yes how?
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Dear Nirav, the minimum possible time frame is Tax saver funds with 3Y lock-in. But do remember, as these are Eq. linked funds, the risk is very high.
Thanks
Ashal
So, Any short term (up to 1yr to 2yr) investment option that hv advantage of tax benefit?
thanks for yr information
Nirav,
As Ashal says , you can’t save tax in your present status.
But You can save tax by Opening a HUF account. Then you can create a corpus there. In last FY 11-12, Budget has allowed memebrs of HUF to also contribute to HUF accont which was not allowed earlier.
Dear Nirav, the answer is no. you can not avoid your tax by gifting your income to your siblings or parents or any other relatives. you can save tax only by investing more.
Thanks
Ashal