I will start earning in about a month and I want to gift a financial instrument to my parents for their anniversary in December. I know there is a lot of time still left but in this way I can accumulate money in small amounts every month.
I was thinking about a mutual fund wherein I start a SIP and then transfer it in their name in December. Is it possible? Any other suggestions?
In the recent Years, The Income Tax Department is tightening up on disclosure and Income Tax Return Compliance.
This idea of yours, though morally a good thought, could turn out to be a headache for your parents in the future.
Finding an accountant to file returns and paying for the accountant every year etc etc
Better to save this as a RD or Equity Investment in your own name or pay them off under the table and let them use it, if they need it in the future.
Parents have huge importance in every human being’s life. You have to make them happy by taking care of them, respecting them, and praising them. You have to work hard for the happiness of your parents as it will give you internal peace for sure.