Avoid Taking Salary from a Business Concern in which Husband is Interested
A woman should avoid taking salary from a concern in which the husband is substantially interested, say a proprietary concern or a concern in which the husband has more than 20% stake in the profits. However, where a woman holds techniãal or professional qualifications and receives salary in exercise of her duties due to the possession of such qualifications, no addition would be made in the income of the husband in respect of salary received by a woman. It is clearly so laid down in Section 64 of the income Tax Act.
A Woman Can Own a House in Her Own Name
A woman can be the owner of a house or a flat in her name and get it accepted as such in the Income tax department. She can also own it as a co-owner of the house along with her husband or any other relative. A woman would be treated as a separate co-owner in her own right under the provisions of Section 26 of the Income Tax Act provided she Iinances the ownership of the house either by loan or through other sources herself. A woman can also get a loan for acquiring a self-occupied house and get deduction in respect of interest up to ` 1,50,000 every financial year.
A Woman Can Make a Trust for an Unborn Person
A woman can plan to have one trust for an unborn person, such as a would-be son, would-be daughter, would-be son-in-law or a would-be daughter-in-law by keeping the provisions of Section 164 of the Income Tax Act in view, i.e. only one trust should be so formed and none of the beneficiaries should to have any taxable income. In such a trust she can be the sole trustee or appoint more trustees and enjoy the exemption limit of ` 2,00,000 separately for such a trust, for the FY 2012-2013 (AY 2013-2014), which would provide good tax saving for future.
Deduction oh Investments up to Rupees One Lakh
Like a male taxpayer, a woman can also get complete deduction for computing the taxable income up to ` 1 lakh under the provisions of Section 80C of the Income Tax Act in respect of investments like life insurance premium on her life or the life of her husband or the life of a child, contributions to a Public Provident Fund up to ` 70,000 payment for tuition fees for two children, purchase of NSC certificates, having a 5-year bank fixed deposit, etc.