How can i save tax on my income ?

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This query is : Resolved

Raghu9 (Querist)

29 April 2014 Dear All Experts

I am Senior citizen. Reciving regular income from pension,FD and Saving bank interest which is exceeding my IT slab 250000.

I am only earning person of my family. How can I save my tax, I dont want to invest in saving certificate or LIC should I transfer some amount to my wife or child's bank account?

Please give your valuable suggestions.

Thanks.

Nikhil Kaushik

Nikhil Kaushik (Expert)

29 April 2014 transferring money to wife or child's bank account wont make any difference to your tax liability. if you don't wish to invest in 80C instruments or under any other chapter VI options, you will have to pay tax on income over and above the exempted limit.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

29 April 2014 you need to check section 80 only else u have to pay tax.

CA Shashank Jain

CA Shashank Jain (Expert)

29 May 2014 Tax cannot be saved by transferring of amount to wife's or child's account. Sir as you are investing in FD's I would suggest you to go for 5 or 10 year FD's which can be claimed u/s. 80C (upto Rs.1,00,000/-) and will reduce your tax liability.

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