Hi
I am a salaried individual working at an IT firm. I recently gifted my mother a mobile worth Rs 30K.
Also, I am planning to gift my father Rs 1.5 lakh on his upcoming birthday.
Is there any sort of tax benefit I can claim here?
5 Replies
savdi
(student)
(58 Points)
Replied 23 November 2020
No tax benefit for you but the gift will be tax exempt for your mother and father.
Kaushik Joshi
(Practising Chartered Accountant)
(1527 Points)
Replied 23 November 2020
Hi Sparsh,
I concur with savdi that although there is no specific tax benefit directly in your income under the head salary, the amount given by you to your parents will be exempt from taxation under the head income from other sources in the hands of your parents.
So the real tax benefit will be available to your parents!
I concur with savdi that although there is no specific tax benefit directly in your income under the head salary, the amount given by you to your parents will be exempt from taxation under the head income from other sources in the hands of your parents.
So the real tax benefit will be available to your parents!
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