Transferring side business to father
Hi everyone, I am in a bit of a dilemma here.
I am working as a manager in a tech company and come in 30% tax bracket. I started a side business a few months back by publishing apps on App Store and Play Store and earning around 30k/month and I am positive that this will increase more in coming months.
My company allows side projects if its non conflicting and as long as its not incorporated as a business. So my company knows about this project. I am showing the earnings from my side project as "income from other sources" while filing ITR.
My question is should I transfer my side project to my father's name? My father is a retired govt employee with 35k/month pension. This will help me save 30% tax on my side income. And also if in future it grows to around 20LPA, I have to register it as a business which as per my employer, I can't do. How legal is it in India? All the work will be done by me but income (in terms of remittance from Apple/Google) will come to my father's bank account which i might use. In future if I need, I can register a business in his name. But before that, I want to know if what I am planning is legal or will it put us in trouble.