Saving Tax: How to utilise my wife's low earning status

i dont think so....

Well, how about gifts? Or some sort of interest free loan?

 u can give loan to your wife....and she can invest in her name

Hey thanks for the replies ...

Now ... two questions!

1. How does the tax scene pan out? I mean lets say I give her a loan of around 1 lakh interest free ... then that 1 lakh gets deducted frm my taxable income. Right? How much is her tax liability?

2. If indeed I give her loan, what needs to be done officially/paperwork wise to ensure there is no legal loophole?

Interest Free Loans given to ur wife shall not be alloed as deduction to you..........You better take a Housing loan and the interest and principal amount paid by you can reduce your tax liability....
 

Then how about this reply given by one good gentleman ...

" u can give loan to your wife....and she can invest in her name"

It does look as if loaning her money will save me something

You can give loan and she can invest the same....Thats true.....

But there is no provision in the income tax that you will get the deduction for the loan u give to ur wife...

Hmmm, well I guess then that settles it. I thank you all for helping me learn some new things :)

Really appreciate it!