When Making any investment it is very important to work out its tax implication because net return from an investment,after taking into account applicable income tax and wealth tax.
Whenever possible, investment strategies should be designed to achieve low or nil tax on one's investment.Taking advantage of PPF,Tax free bonds, mutual funds etc would also help in planning tax free investments.
Secondly it is usually beneficial to consider one's overall family investments, rather than looking piecemeal at investment for a single individual in the family.This aspect is important so that the income derived from various investment can be spread among the various family members and thus attract lower income tax.
Likewise, investment in the names of different family members should also be made in such a manner that the head of the family does not have to face any problem at any future point of time in case he wants to reshuffle investment in the names of different members of the family.Personal and family investments should also keep in view aspects relating to inheritance at a later stage. Accordingly, You may go in for joint purchase of properties, maintaining joint bank account and nominations in various investments