Gift
This query is : Resolved
15 April 2012
i wish to gift my wife a sum of Rs 4 lacs and 5 lacs to my father from my income tax paid salary savings.
what are the tax implication of these two transactions on me, my wife and my father?
all of us are income tax payees.
what are the tax implication of these two transactions on me, my wife and my father?
all of us are income tax payees.
15 April 2012
No tax effect for such gifts either in the hands of the payment and receiver. But income arises from investment of such gift also liable to tax in your hands.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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