{"id":5117,"date":"2018-08-05T10:09:50","date_gmt":"2018-08-05T04:39:50","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=5117"},"modified":"2018-08-05T10:14:05","modified_gmt":"2018-08-05T04:44:05","slug":"3-ways-your-parents-can-help-you-save-taxes","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/3-ways-your-parents-can-help-you-save-taxes\/","title":{"rendered":"3 Ways Your Parents can help you Save Taxes?"},"content":{"rendered":"

I had written about how investing intelligently on wife\u2019s name can help you save taxes<\/a>. This time we would be exploring how parents can help you save taxes.<\/strong><\/p>\n

There are 3 ways:<\/p>\n

1.\u00a0Pay Rent to Your Parents:<\/h2>\n

If you are lucky and stay in your parents house (means the house is on either your mom\/dad or jointly held by them) you can pay them rent. It\u2019s perfectly acceptable transaction by Income tax department. The rent you pay to your parents would be added to their income as rental income and taxed according to their tax slabs.<\/p>\n

The deal gets even better if the property is jointly registered on both of your parents name as the income from rent would be split between both of them.<\/p>\n

\n

Also Read:<\/strong>\u00a09 Questions about Tax Exemption on HRA<\/a><\/p>\n<\/blockquote>\n

Here is an example:<\/strong>
\nYou pay monthly rent of Rs 15,000 to your parents.
\nBenefit to you:<\/span> you would get benefit of HRA exemption
\nTax on Parents:<\/span> As the above income would be rental income, here is how the tax on this would be computed:<\/p>\n