I have two sons & 10lacs money which is from my arrear how I
can save more tax ?.......Can I give them gift 5lakh each
which neither taxable for my son nor for me...........?
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Answer Posted / abhivirthi tax and industrial
Receipt of arrears will attract income tax at appropriate
rates. Tax can be saved by filing returns by apportioning
the arrears for different years to which the arrear relates
and even if there is tax payable money can be deposited
into LIC, PLI, Recurring Deposit etc to save tax. Sharing
the arrears and allotting them to legal heirs will not save
tax in this case.
Reply From:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014.
Cell: 9994990599
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