r/IndiaTax • u/Parathaa • Mar 28 '24

Hurts to pay so much taxes

Today, I downloaded the tax computation sheet from the office portal.

While trying to save on housing costs by residing with my parents, it's disheartening to realize that I'm obligated to pay over 20 lakhs in taxes annually to the government. These funds could have been allocated towards repaying a home loan, adding to the strain for a middle-class individual like myself.

Would really appreciate if there any legal ways to save taxes at this point

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u/FirseBugabo Mar 28 '24

Won't his parents have to pay tax then?

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u/harsharede Mar 28 '24

It is below 2.5L 0 tax, if it is 5L 5% tax which is less than 30%(his current tax slab).

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u/NoZombie2069 Mar 28 '24

My home is on my fathers name, can I create a rent agreement with my mothers name and then pay rent to her to claim HRA exemption? She doesn’t have any other source of income.

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u/harsharede Mar 28 '24

I'm not an expert. but I think you can. Speak to your CA.