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Common sense can help you reduce your taxes

DNMUM398527 | 10/13/2017 | Author : Harsh Roongta | WC :662

Personal Finance

Most people think of tax planners as wise old men in white hair who study the arcane tax laws and come up with brilliant interpretations of little known sections of the income tax law.
Many times, it is indeed so. But a number of times, the tax planning consists of simple common-sense approach to understand the final objective and aim to achieve it in a slightly different fashion to obtain a tax effective solution.
My friend Rakesh Mehra’s case illustrates this point perfectly. Rakesh’s father Roshan Mehra is an 84-year old retired IAS officer. He has pension income of Rs 60,000 per month.
He lives with Rakesh in Mumbai. Rakesh has a brother Rishi who lives in Delhi.
Both Rakesh and Rishi are financiall
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