Gift
This query is : Resolved
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
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
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.
Forget about it.
04 August 2013
Sir if i am giving gift to my relative then will i get income tax exemption ?
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.
2. However, if you gift asset/cash to your WIFE, then the income from such asset/cash will be CLUBBED in your hands.
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