Income Tax File for One and All
The first point in the back of your mind before planning investment strategies this year is – In whose name to make the investment. It is time now for every tax payer in the country to make a resolution to have a separate independent Income-tax file for every member in the family. The objective is this is to achieve tax planning cut down on your income-tax payments. First, think of your wife. start with one independent income tax file if she does not have one. However do remember
that your wife can receive gift from any relative relative other than her husband, father in law and her mother in law. However the wife is free to take loan with reasonable interest from anyone including the husband.
Investment for Hindu Undivided Family tax file in your kitty
Investment made by your Hindu Undivided Family can bring rich dividends for you in 2014-15. If you are a hindu, then it is time now to find out whether you have a separate independent income tax file of your Hindu Undivided Family. The HUF file apart from enjoying the basic income tax exemption of Rs.2,00,000 will also continue to enjoy tax deduction in terms of section 80C as well as deduction on interest on housing loans. Also do remember that your HUF file can come into existence whether you have a son or just a daughter and even if you do not have any children, still your HUF file can come into existence right now.