NDORE: Tax guru SubhashLakhotia, has advised tax payers to maintain separate income tax file for each member of the family. Also, he has advised that the family members must create a family trust for the benefit and security of their minor children.
Lakhotia was in the city on the invite of local chapter of ICAI to address the tax payers and make them aware about tax provisions and planning.
Addressing a gathering the noted income tax expert from Mumbai, said, "If a person wants to gift money to his daughter for marriage, then he must do it through a family trust that too in the name of his daughter. It will ensure the security of his daughter, post marriage."
Because the children's income is also added to his parents' income while calculating their income tax, hence it is always advisable to form a separate trust in children's name, said Lakhotia.
Moreover, he advised every taxpayer to invest in agriculture land, available at a cheap rate, however far it may be from the city. This gives better relief from tax and good returns in future.
The chairman of local chapter of ICAI, Manoj Gupta, said, "We invited Lakhotia so that he could educate taxpayers living about I-T norms and encourage savings.
Lakhotia was in the city on the invite of local chapter of ICAI to address the tax payers and make them aware about tax provisions and planning.
Addressing a gathering the noted income tax expert from Mumbai, said, "If a person wants to gift money to his daughter for marriage, then he must do it through a family trust that too in the name of his daughter. It will ensure the security of his daughter, post marriage."
Because the children's income is also added to his parents' income while calculating their income tax, hence it is always advisable to form a separate trust in children's name, said Lakhotia.
Moreover, he advised every taxpayer to invest in agriculture land, available at a cheap rate, however far it may be from the city. This gives better relief from tax and good returns in future.
The chairman of local chapter of ICAI, Manoj Gupta, said, "We invited Lakhotia so that he could educate taxpayers living about I-T norms and encourage savings.
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