Gift money
This query is : Resolved
18 January 2016
I have annual income of 5 lac. After getting deduction, I have left with 1 lakh of taxable income.
I asked about gifting the money to my unmarried (not minor) daughter. But came to know that I won't get tax benifit by gifting it to her this year.
But next year on interest on that amount , my daughter will have to pay the tax. Not me.
It's kind of confusing. So can you give an example of this 1 lac , how it will benifit me next year but not this year.
Please give a example on both the scenario so that it will be really helpful.
Thanks,
Subhransu
I asked about gifting the money to my unmarried (not minor) daughter. But came to know that I won't get tax benifit by gifting it to her this year.
But next year on interest on that amount , my daughter will have to pay the tax. Not me.
It's kind of confusing. So can you give an example of this 1 lac , how it will benifit me next year but not this year.
Please give a example on both the scenario so that it will be really helpful.
Thanks,
Subhransu
19 January 2016
If you deposit the amount of 1 lac and earn Rs. 10,000 interest you have to pay tax on this 10,000.
If you gift the amount to your daughter if she is not a tax payer no tax payable on the interest earned on 1 lac.
If you gift the amount to your daughter if she is not a tax payer no tax payable on the interest earned on 1 lac.
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