HI,
If I give some cash/cheque as gift to my mother,bother or my relatives, will i get any tax exemption on it.As i know we have tax exemptions on recieved gifts but what about gifts given to others.
Abdul (Others) (24 Points)
30 November 2013HI,
If I give some cash/cheque as gift to my mother,bother or my relatives, will i get any tax exemption on it.As i know we have tax exemptions on recieved gifts but what about gifts given to others.
Mihir
(Wealth Manager)
(5293 Points)
Replied 30 November 2013
Gift given to relative is tax-free. But there is no deduction available for the giver of the gift.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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