Gift

This query is : Resolved

Aakash Jha (Querist)
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04 August 2013 Hello,
I would like to procedure of giving the gift, so that i and the receiver will be tax exempted.

E.g i have transferred the money from my bank account to my brother , brother in-law and spouse account , can i show this is as gift ?

if yes then under which head (like 80c, 80d..etc) ? and how much amount in a financial year i can be tax exempted ?

Please ,help me

Regards
Aakash Jha

CA. RAGHAV GARG

CA. RAGHAV GARG (Expert)
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04 August 2013 Aakash, there is no deduction of giving Gift. However receiving gift is tax free from Brother, brother in law, but any income from amount gifted to spouse will be considered as your income.

Forget about it.

Aakash Jha

Aakash Jha (Querist)
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04 August 2013 Sir if i am giving gift to my relative then will i get income tax exemption ?

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 August 2013 1. Giving gift to relatives DOES not provide you any income tax benefit. You DO NOT get any deduction or exemption.

2. However, if you gift asset/cash to your WIFE, then the income from such asset/cash will be CLUBBED in your hands.