Gift of Rs 20000/= to my mother
This query is : Resolved
21 December 2009
I want to gift Rs 20,000/= (Rupees Twenty thousand) only to my mother who is a housewife. My father is a retired Central Government Official.
Shall I or my mother or my father have to pay any tax(es) in this transaction?
Shall I get the exemption of the aforesaid amount from my Gross Salary in computation of my Income Tax?
How should I proceed for the aforesaid act?
Which form shall I have to use in filing for exemption of the amount from my Gross Salary in computation of Income Tax at my office or Income Tax Department, if any?
Kindly let me know the relevant Rules and provisions.
Shall I or my mother or my father have to pay any tax(es) in this transaction?
Shall I get the exemption of the aforesaid amount from my Gross Salary in computation of my Income Tax?
How should I proceed for the aforesaid act?
Which form shall I have to use in filing for exemption of the amount from my Gross Salary in computation of Income Tax at my office or Income Tax Department, if any?
Kindly let me know the relevant Rules and provisions.
22 December 2009
Refer section 56 of income tax act
In your case, debit 20000/- to your capital account. No income tax treatment.
In case of your mother upto 50000/- gift is exempt from relatives. No income tax treatment .
In your case, debit 20000/- to your capital account. No income tax treatment.
In case of your mother upto 50000/- gift is exempt from relatives. No income tax treatment .
22 December 2009
No.Incometax apply whenever gift given to any relatives by cash or any kind. in your case all amount is taxfree.upto Rs.50000/- in cash.
22 December 2009
agree
22 December 2009
agree with experts
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