01 February 2011
i am govt employee and i gave Rs 60000/- to my daughter as gift 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
01 February 2011
There is no need to show anything in the return and you are also not required to pay tax on that.
Gift is not an expenses in your hand and it will not be deducted from the income earned.
Simply you prepare Balance sheet and reduce the capital account by the amount gifted yo your daughter nad your daughter will add that amount in her Capital acount.
Please tell me under which section you have paid tax for gift to your daughter
01 February 2011
sir i hav not paid tax but if my income is 340000/ p.a then 160000 is exempted then the tax on 180000/- is 18540 in that case what will happen if i gave 60000/- as gift to my daughter is the tax decrease from 18540 or not plz reply i am very thankful to u
when i file the return my income is 340000/ annum exemption 160000/ balance 180000/- Gift for Rs 60000/- is fall under which head that i can reduce the amount from 180000 to 120000
01 February 2011
actually my tax is already deduted from december onwards as my salary increase the limit thats why how can i show this gift to get the refund back
CAclubindia
