4. Trust for a personal deity
If you believe in God, you can create a trust for your chosen deity and invest the trust's funds in safe avenues such as units of mutual funds, bank fixed deposits, immovable property, etc.
In course of time, this would enable a taxpayer to have the money to spend on various personal religious functions without being required to spend out of his tax saved money. This would also enable the person to enjoy a separate exemption limit of Rs 150,000 for one's personal deity.
Image: A priest performs 'aarti' in front of a statue of Lord Hanuman at a temple in Amritsar | Photograph: Narinder Nanu/AFP/Getty Images
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