How can parents help pay for college housing,what is the best toilet flush valve,girl games free online ggg 01 - Easy Way

Last Updated on July 31, 2015 Alexa Mason 5 Comments We may receive compensation from affiliate links in this article. As a parent the thought of my daughters starting their young adult lives out with that much debt is scary.
Just as there are advantages, there are also disadvantages to parents paying for their children’s educations. I’ve got to admit I’ve always felt that kids should bear the burden of paying for their own education, until I had kids, that is. I’ve seen so many friends and family members change majors three or four different times, take a minimal amount of courses each semester, and act so self-entitled when their parents pay for their education.
Then I talk to someone or read a story of student who’s paid her own way through college, excelled academically, and come out on top. And I think if a student’s willing to put in the work she can find creative ways to help minimize the amount of student debt she needs to take out. The deal gets even better if the property is jointly registered on both of your parents name as the income from rent would be split between both of them. So Rs 1,26,000 would be added to your parents income and taxed according to their tax slabs. On the other hand if the money was invested on your parents name you might not pay any tax at all if their total annual income was below the taxable limit of Rs 2 Lakhs. If your parents are senior citizens then you might also benefit from the extra interest that banks offer on such FDs. Though the amount seems small in the example but over long run and on higher amounts the tax saving would be substantial.

Similarly, all investments whose returns are taxed on marginal tax rate can be done on your parent’s name. Under Sec 80D on Income Tax a deduction of Rs 25,000 (limit increased in Budget 2015) is deducted if you buy health Insurance for your parents.
You will be emailed a download link for this teaching resource so you can download and use it today! You can also contact our Information & Assistance team, and they can refer you to a variety of helpful resources, even in other states. Once an assessment has taken place and a full report has been written, Avenidas can provide service coordination, monitoring, and follow-up services, including phone calls and in-home visits to ensure that all issues have been satisfactorily addressed. Tweet60 Share2 Pin38 Share43 +110 RedditShares 153As a kid you think that your parents have been socking money away for your future college education. If you fall in 30% tax bracket you would need to pay Rs 2,781 as tax and would be left with only Rs 6,219. You have quoted that if we invest in the name of minor child, exemption of Rs 1500 is applicable. Are you concerned that your parents’ living arrangements might not be working for them anymore? Another effective solution for you and your family is to call us at (650) 289-5438 for a free initial phone consultation.
The rent you pay to your parents would be added to their income as rental income and taxed according to their tax slabs.
Since they are in lower tax slab than you, they would pay lesser taxes and effectively saving taxes for you.

The transaction in the eyes of Income tax would be – you gifted your mother X amount, your mother invested it and then on maturity your mother gifted you interest and principal. Please consult a qualified financial planner and do your own due diligence before making any investment decision.
We’ll listen carefully to your concerns, answer your questions, and offer suggestions. Do you live in a different area than your parents and are concerned that you can’t be there to help them? Then, if you like, we can move forward with the next steps, including a professional consultation. We’ll conduct an in-depth meeting with you and any family members to gather information, clarify concerns, establish priorities, and provide immediate crisis intervention, if needed. You may determine that you’d like us to provide a comprehensive assessment of your parents and their living situation. You need to hurry upFive stocks to invest in now7 productive ways to make the most of your bonusInvesting in Startups is no game. Get Daily Slideshow newsletterDaily Slideshow Newsletter is the way to get the best picture shows of the day in your inbox.Subscribe nowSLIDESHOW HOMEINVESTMENTS & MARKETS SLIDESHOW HOMEREPLAYDid you like "7 ways your family can help you save taxes" slideshow?

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