Don’t like paying taxes ? Here are some tax saving ideas which you might not hear that often.
Financial year 2025 starts tomorrow, so start planning soon.
Summary of the video, in short.
· Multi Asset Fund which have indexation benefit on Mutual Funds similar in nature to debt mutual funds. You do not pay 30% tax on such funds.
· Increase your Health Insurance Cover massively with premium upto Rs 25k, as technically after saving taxes it will cost Rs 17.5k.
· Create a HUF account with your wife or parents as it is a separate tax entity and will enjoy the tax exemption of income upto 2.5lacs. Also increase your chances of getting an allocation in a IPOs, as HUF requires a separate demat account.
· Do not do Tax Loss harvesting at the end of the year. Instead keep booking losses whenever available as it will set off against your profits.
· Gift money to your parents or grandparents who are senior or super citizen for investments as income upto Rs 3 to 5lacs is exempted respectively. Check with your CA for further details.
· Retirement Investments (above 60+ age) can be planned better by using the withdrawals from investments which are tax-free such as Provident Fund, Public Provident Fund or Insurances when they mature & let other investments such as Equity & Debt continue to grow.
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