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Tax on Gift given to relatives

This query is : Resolved 
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(Querist)
24 December 2010 Hi,

Can I save tax by giving gift to my parents or brother/sister?

Thanks
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
24 December 2010 gift to relative is exempt u/s 56
but income generated from that same asset/gift will be clubbed in ur income.

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