You can save Income tax as Parent or Child

Income-tax laws salute the parent-child bond

In this article, touched upon some of the important provisions of the present income-tax laws affecting tax treatment of the amount spent while taking care of each other. For the purpose of claiming these benefits, the term 'child' also covers the 'step' child as well as the 'adopted' child. Benefits available for the expenses incurred on bringing up a child & The major cost to be incurred by an earning child on his parents in addition to the day-to-day expenses is the cost in respect of Medical Care : Click Here for details.