Parents can help you Save Tax

It is simpler if you invest in your parents' name. If any or both of your parents do not have a high income, while you are in the highest 30% tax slab, you can gift them money to invest in fixed deposits. If a person is above 60, up to `3 lakh earned is tax free in a year. Unlike investments made in the name of a spouse or a minor child, there is no clubbing of income in the case of parents. So, a person above 60 can potentially earn `3 lakh per year without any tax implication. If he invests in tax-saving schemes under Section 80C, the income can be as much as `4.5 lakh a year. In the highest tax bracket, this saves nearly `1.4 lakh in tax in a year.

However, the income of the parent will have to be reported. If it exceeds the basic exemption limit, you will have to pay tax on it. Even so, if the parent does not earn or is in the 5% tax bracket, the tax will be quite low.

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich

Top 10 Tax Saver Mutual Funds for 2018

Best 10 ELSS Mutual Funds to Invest in India for 2018

1. DSP BlackRock Tax Saver Fund

2. Tata India Tax Savings Fund 

3. Birla Sun Life Tax Relief 96

4. Sundaram Diversified Equity Fund

5. ICICI Prudential Long Term Equity Fund

6. Invesco India Tax Plan

7. Franklin India TaxShield 

8. Reliance Tax Saver (ELSS) Fund

9. BNP Paribas Long Term Equity Fund

10. Axis Tax Saver Fund

Invest in Best Performing 2018 Tax Saver Mutual Funds Online

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