Here is my question about Income tax saving approach on income earned from Fix Deposit
Let say i fall in bracket of 30 % tax slab . so whatever the income that i earn using fix deposit of my income tax paid money , I have to pay 30 % to the govt .
Instead what i do . I tansfer my tax paid money in mother's account (Consider Gift to mother) and earn interest on it where my mother just need to pay 0-10 % of tax on interest earned . Later on my mother can gift me back all this money . Is it correct .?
Is there any limitation of amount that i can transfer in my mother's account .
Does it require any legal procedure to transfer my money in mother's account as part of gift .
CAclubindia
