Gift
This query is : Resolved
shri.........
(Querist)
31 March 2009
If a individual gives a Gift to his relative ( Rs. 50,000).
what are the tax implications for giver ?
what are the tax implications for giver ?
31 March 2009
If gift is given to a "relative" as defined by Sec 56 of Indian IT law, then there are no India tax consequences.
Parents, children, spouse, grand parents, grand children, uncles and aunts (i.e. brother or sister of parents) and their spouses are "relatives" per Sec 56 and gifts to such people will not attract India tax.
Parents, children, spouse, grand parents, grand children, uncles and aunts (i.e. brother or sister of parents) and their spouses are "relatives" per Sec 56 and gifts to such people will not attract India tax.
31 March 2009
there wont be any tax implication if the gift is given by relative
Manmohan ACA, CS
(Expert)
31 March 2009
IS SHALL NOT BE CONSIDERED ANY EXPENSE OR DEDUCTION IN THE HANDS OF PAYER, HOWEVER GIFT FROM RELATIVE IS NOT TAXABLE IN THE HANDS OF PAYEE( OR RECEIVER )
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