Gift
This query is : Resolved
Pranay Kothari
(Querist)
10 February 2009
Can A Article assistant take a gift from his father ? If Yes upto what amount ?
And What Amount will be allowed to deduct as gift given to his son From the Fathers Income For Taxation Purpose.
Please help me on this matter and I would be thankfull to u If u Can Provide me Some more Information on this matter
And What Amount will be allowed to deduct as gift given to his son From the Fathers Income For Taxation Purpose.
Please help me on this matter and I would be thankfull to u If u Can Provide me Some more Information on this matter
10 February 2009
You can take nay amount it is Tax free under section 56 of IT Act 1961, being a transaction between son and father.
Because only your father is earning for the year will be taxed in his hands. No tax on you. I donot see any tax planning in this arrangement.
Because only your father is earning for the year will be taxed in his hands. No tax on you. I donot see any tax planning in this arrangement.
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