I want to use my father’s pan card for investing to save taxes since I come under 30% tax slab.
Would I also need to use his name in account, and what other things I should know before doing this?
Taxes on short term capital and long term capital are independent of salary. Even if your father earns 0 rs, he will be liable to pay capital gains tax if he is investing in stock markets.
Underrated comment. Make sure the investments are in things like FDs for this to make sense for you.
@StormKeeper 😮😮⚡️
Would I also need to do kyc in his name?
Everything in his name. Just keep yourself as nominee.
@Misc_ - I would suggest not to complicate things for a few thousand rupees of tax savings. Do it in your name so that you have 100pc ownership of the money.
🙌👌
Get ready when you're facing the IT Investigation Officer:
Tu jaanta hai mera baap kaun hai?
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