Gift to spouse of the deceased
This query is : Resolved
09 September 2012
Dear Sir/Madam,
One of my colleagues expired recently. I and some of my colleagues decided to pool about 10 lakhs and donate to the family of the deceased.
As I understand, this donation of 10 lakhs attracts the provisions of 56 of IT act and this sum gets taxable in the hands of the donee. Is there an efficient way of managing this donation so that the is not taxable?
Thanks
Navin
9849123920
One of my colleagues expired recently. I and some of my colleagues decided to pool about 10 lakhs and donate to the family of the deceased.
As I understand, this donation of 10 lakhs attracts the provisions of 56 of IT act and this sum gets taxable in the hands of the donee. Is there an efficient way of managing this donation so that the is not taxable?
Thanks
Navin
9849123920
CA Sumiit B Nagpal
(Expert)
09 September 2012
You can form a private trust for benefit for her family and donate the amount to trust.
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