{"id":5123,"date":"2019-01-11T09:00:29","date_gmt":"2019-01-11T03:30:29","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=5123"},"modified":"2019-01-13T11:07:51","modified_gmt":"2019-01-13T05:37:51","slug":"how-your-children-can-help-you-save-taxes","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/how-your-children-can-help-you-save-taxes\/","title":{"rendered":"How your Children can Help you Save Taxes?"},"content":{"rendered":"

This is third in series of how your family members can help you save taxes. Here are the first two:<\/p>\n

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    1. How investing intelligently on your wife\u2019s name can save taxes<\/span><\/a><\/li>\n
    2. How your parents can lower your taxes<\/span><\/a><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

      In this post we tell you how your children can be part of your tax planning and in the process help you save taxes.<\/p>\n

      1. Investing on the Name of Adult children<\/h2>\n

      As per income tax rules, an adult child (with age more than 18 Years) is considered an independent entity for income tax<\/strong> and any income earned by them is not clubbed<\/strong> with their parents. So if your adult child does not have any income (as happens in most cases at least till the child is 22 years of age), you can invest on his\/her name and save good amount in taxes.
      Your child would be considered as adult by income tax rules in the financial year he turns 18. So you can start investing even when he is 17 but would be 18 before March end of the financial year.<\/p>\n

      Here is an example:<\/strong><\/p>\n