You can transfer your surplus to your parents under a gift deed and make investments in their name.
Basic tax exemption limit for senior citizens is ₹3 lakh, while super senior citizens aged 80 years and above get tax-free income of up to ₹5 lakh.
Please let me know the reference of section of income tax act and applicability
Section 56(2) of the income tax Act 1961. please refer section in detail .
In which section salary paid to parents is legally permissible and it is allowed for income tax exemption.
In which section son can claim tax exemption in his personal ITR on the amout paid to his parentas as a salary.
And if the son is salaries employee then it is possibe to give the payment supporting to his employer and claim tax exemption so that his empoyer would allow and cant deduct TDS from his salary.
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