Hi,
I ha ve a doubt. Im myself earning and lie in the highest tax bracket. However, my wife is in 10% income bracket.
Is there anyway by which I can give/transfer my earnings to her, there by reducing my tax load?
Thanks and regards
:)
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Saving Tax: How to utilise my wife's low earning status
Replies (9)
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?
| Originally posted by :HonestTaxpayer | ||
| " | 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
| Originally posted by :HonestTaxpayer | ||
| " | 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...
Mr. Karthik is correct. In My opinion there is no way out to reduce your tax by taking the advantage of your wife's low income.
| Originally posted by :RAMANJU | ||
| " | Mr. Karthik is correct. In My opinion there is no way out to reduce your tax by taking the advantage of your wife's low income. |
" |
Hmmm, well I guess then that settles it. I thank you all for helping me learn some new things :)
Really appreciate it!
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