regarding tax
This query is : Resolved
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
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
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
01 February 2011
Your Total Income Rs. 3,40,000
Less : Gift Exempt Rs. 60,000
Less : Exemption Limited 1,60,000
Balance Rs. 1,20,000 which is chargeable to tax
Less : Gift Exempt Rs. 60,000
Less : Exemption Limited 1,60,000
Balance Rs. 1,20,000 which is chargeable to tax
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01 February 2011
how can i show dis in my income tax return and is there any gift deed necessary for it
01 February 2011
No need to show in income tax and gift deed is require whent Income tax officer demand
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01 February 2011
sir one more question
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
plz reply
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
plz reply
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
01 February 2011
your income is only Rs. 280000 and then exemption 160000
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