As this financial year is going every person want to minimize his or her tax liability ,but in hurry time most of the person forget all the option available to save the tax ,some the option is available is given here :-
(1)Gift or Loan to Major Children
– Avoid investing the amount in your own name as it will attract tax, rather gift the surplus to your major children. The interest earned on this investment shall be exempted up to the basic exemption limit in the hands of your major children. Also, do not forget to file income tax in their name for better tax-planning.
(2)Create ‘Trust’ for your Minor Child
– Clubbing provisions will apply in the case of gift to minor child. Therefore, create a “Specific beneficiary trust