2. Invest Through A Non-Working Spouse

Though now days every one is professionally active but is your spouse is not working, they might just be another way through which you can save your tax. Gifting money to your non-working spouse doesn’t come under tax provisions. However if you make investments on their name, the tax man will conjoin the investment with your earnings. Then you must think how will it benefit you, here’s how. The investment will be clubbed only for the initial year and if the income is reinvested, it will be your spouse’s income and not yours.

3. Avail of Minor Exemption

Apart from your spouse, your children can be another way through which you can save your income tax. If you invest in your child’s name, the returns will be conjoined with the parent who is earning more. In cases where the child has earned some money on his own like from competitions and stipends the parents can invest on their behalf and only 1, 500 exemption per child per is required per year. The exemption can be availed till two children.

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