Gift to save tax

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girish

girish (Querist)
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07 February 2008 Can I gift any amount to relative to save tax as an exception under Sec-56 ?
If No, why ?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 February 2008 Please explain how will you save tax by giving gift.

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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11 February 2008 gift given to relatives are not taxable in the hands of relatives but it is not deducable to you as a expenditure.only your capital is reduced

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CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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11 February 2008 gift given to relatives are not taxable in the hands of relatives but it is not deducable to you as a expenditure.only your capital is reduced