Save long term capital gains tax: Individuals can save income tax by booking profits up to a certain limit on equity shares and equity oriented mutual funds held for more than 12 months. This method is called tax harvesting and it is fully legal in India. Here s how to use this method to reduce your tax outgo and pocket some gains.
You can use your income to buy an asset for your spouse. But any income from that asset will be clubbed with your income and taxed accordingly. This can’t be taxed as part of your spouse’s income. Doing so can get you an income tax notice.
Tax tips to get on track for 2024: understand the two tax regimes and choose the one that works best for you, maximise deductions, and consider investment options