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?
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.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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