regarding income tax

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Narender Thakur (Querist)
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01 February 2011 sir

if i will give agift of Rs 60000/- to my daughter she is exempted from tax but what is the effect of that 60000/- in my income tax return is it add as a income in my return or i will also exempted from that 60000/ plz reply

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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01 February 2011 Gift to daughter is exempt from tax in the hands of both . doner nad donee. You reduce your capital a/c by 60000/- and you daughter will increase her capital a/c by 600000/-

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Narender Thakur

Narender Thakur (Querist)
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01 February 2011 i am govt employee then how can i show this amount in my income tax return if i have not maintained my account and if i paid tax then can the amount of tax is refunded by the income tax department

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