income tax exemption

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2009 hi

can anyone please let me know abt this

i have given some amt i earned to my family member as a gift can i show it my i.t. declaration for tax exemption is it possible

regards

kumar

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

08 December 2009 You can show the amount as gift. If amount is small; no gift deed is necessary. For big amount; say 10,000/- plus etc., prepare gift deed on stamp paper.

There is no tax exemption on gifts.

Ca Rakhecha
Surat

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2009 so we cannot show this amt in income tax declaration form .

i have given say 50k by fundtransfer from my account to my dependent elder family member.

so i dont have income tax benefit under 80c deductions

Upgrade to CAclubindia Pro. Subscribe Now!

CP Ram

CP Ram (Expert)
Follow

08 December 2009 Deduction u/s 80C is not available for gift to dependent elder family member..

CA Anand Sarda

CA Anand Sarda (Expert)
Follow

10 December 2009 There is no tax deduction for gifts given to elders dear.... Otherwise everyone will start doing it. And moreover if u give gift(either cash or Kind) to people other than those given in sec56(ii) , of more than Rs.50000 Amount, than the person who received the gift is liable to pay tax on the entire amount.
So be careful dear.
But u can give to your relative any amount as gift but u cannot claim u/s80C, u have to show it as drawings.