Gift tax
This query is : Resolved
01 March 2018
I have given my friend around 5 lakh rupee for his study....I want to show as a gift. Can I show that as gift. And if yes, how much tax he has to pay. He is student and he has no other income
01 March 2018
it will be taxed as the income of your friend under the head Income From Other sources
01 March 2018
Yes, only gift from relatives is exempt.
01 March 2018
Instead of treating it as a gift, classify it as a interest free loan. That will be tax effective
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