Saving tax at the cost of investing almost 4 lacs. is it a fair Idea.Also the provisions of clubbing may apply, under which the income of all other family members would be clubbed with the income of a single person. Say 4 example , a working daughter or a son who is pursuing education, how will u explain to the dept. that they got the time for business. Furhter if the daughter or son is a minor then their income is clubbed with the income of their parents.
