Gift

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Pranay Kothari (Querist)
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10 February 2009 Can A Article assistant take a gift from his father ? If Yes upto what amount ?
And What Amount will be allowed to deduct as gift given to his son From the Fathers Income For Taxation Purpose.
Please help me on this matter and I would be thankfull to u If u Can Provide me Some more Information on this matter

Taxguy

Taxguy (Expert)
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10 February 2009 You can take nay amount it is Tax free under section 56 of IT Act 1961, being a transaction between son and father.

Because only your father is earning for the year will be taxed in his hands. No tax on you. I donot see any tax planning in this arrangement.