Saving tax through Will

Q: Hi, i heard that it is possible to save on tax by making a will.. please elaborate and discuss!!

Himangi deshmukh, Delhi-NCR

5th May 2014

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If you gift anything to your spouse(cash or property),this is clubbed with the donors income and is taxable... but if a will is made and given in spouses name . then this tax can be saved.

Harilal, Delhi-NCR

5th May 2014

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Another way is to make a will bequeathing property or wealth to minor children or grand children through a will rather than as a gift.. this will further save on taxes. Because if you gift it to minor then the income accruing is clubbed with the income of donor and becomes taxable. This can be avoided by making will.

Naveen, Gurgaon

5th May 2014

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Hi Himangi, yes it is possible to save tax through the use of a will... it can be done to save tax by the Hindu Undivided family. If you have income from joint family property and that is taxable in your hands, you can apply the will and form a Hindu undivided family which is recognized as a separate and taxable entity by the Income tax laws.

Anup Goyal, Noida

5th May 2014

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