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Pay your family's insurance premiums and PPF contributions to save tax

While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws don't apply

Topics
income tax return | Income tax | Income Tax Act

Bindisha Sarang  |  Mumbai 

It's tax planning season, and most know about common tax-saving deductions under Section 80C. But not many are aware that your family can actually help you save tax burden via less popular tax laws, overlooked by many inadvertently.

Rajesh Bansal, managing director, Midas FinServe, a financial services firm says, "When it comes to your income tax, certain money heads can be associated with specific family members in a way that gets you tax breaks." Tax saving via spouse: There are a number of ways your spouse can help you save tax. Leave Travel: A person can ...

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First Published: Fri, February 26 2021. 16:33 IST
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