My parents' income doesn't fall in taxable range. Is it possible to reduce my tax burden by by transfering some part of it to my parents?
1 Replies
CA SACHIN VIJ
(Chartered Accountant)
(112 Points)
Replied 13 March 2012
For Businessman - Show parents employed in business and claim salary / remuneration etc.
For Salaried - the easiest way is to pay rent to your parent and claim HRA deduction from salary.
Some other avenues may also be possible.
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