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I am senior citizen and want to save tax.
Sir
I AM RETIRED PERSON AND RECEIVED PENSION 2.30 LACS. PA and INTEREST on Deposit 3.50 LACS. In short my net income exceeding above 5Lacs.
To save 20 % tax on remaining amount can I transfer sum of amount to my wife's bank account by cheque payment. Or withdraw amount from my account and deposit in my wife's account.
Replies (4)
Yes. You can transfer. Wife also must shown PAN number.
ok Any limit of amount ?
Hello Raghu,
Transfering amount to your spouse bank account or withdrawing doesn't make effect on taxabilty. For saving your tax you can make investments defined from Sec 80C to 80U. Such as LIC, Donation, Investment made under Equity Scheme, Medical insurance and many more.
First compute your tax liability, and also check 26AS. And accordingly you may plan where you would like to invest to save tax.
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