Income tax on cash gifts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2010
can an individual save tax by giving cash gift to close relatives (i.e. spouse and parents)?
if yes how, what is the procedure?
if yes how, what is the procedure?
12 November 2010
No way to save tax by giving cash gifts.
13 November 2010
Hi,
Giving gift will not save income tax and If you are giving gifts to other than relatives as defined under Income Tax act for the purpose of gift, the receiver of gift will have to pay tax.
Giving gift will not save income tax and If you are giving gifts to other than relatives as defined under Income Tax act for the purpose of gift, the receiver of gift will have to pay tax.
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