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Income tax on cash gifts

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Querist : Anonymous

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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?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
12 November 2010 No way to save tax by giving cash gifts.
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MAHENDRA KUMAR BAGRECHA

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MAHENDRA KUMAR BAGRECHA (Expert)
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.
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