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Gift tax

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(Querist)
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
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Arpit

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Arpit (Expert)
01 March 2018 it will be taxed as the income of your friend under the head Income From Other sources
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
01 March 2018 Yes, only gift from relatives is exempt.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
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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