Tax saving

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Ronak Gupta (Querist)
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18 August 2012 If a person has income from salary and bonus of around 20 lacs and he wants to invest it, what are the options available to him. He is in the tax rate of 30%, hence wants to use HUF or gift to mother or form a co. Please explain the three options and other possible methods.

Amol S Joglekar

Amol S Joglekar (Expert)
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18 August 2012 For salary, HRA, 80C, 80D etc. are available for tax planning. HUF can be thought of for income on income. So first income shall be gifted and then income earned on such invested income will go for taxation. While saving on income tax, please check you are not involving into HINDU LAW matter. The co parcener may demand partition any time is the first RISK.

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