Gift tax

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Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2012 Sir,
I am a government employee. I need to transfer about Rs 1 lakh to my mother's account. Can i get a tax exemption under section 56 ? is there a upper limit on the amount that can be gifted to parents?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 June 2012 You can gift any amount, without any upper limit to a relative . Such gift will not be treated as Income under section 56 in your mother's hand.
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You are going to get Blessings of your mother. Tax exemption benefits are not comparable with the blessings.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2012 Sir,
I am already goving her some amount every month,but its only now that i got to know about the provision of "gift tax", so i thought i could have some tax benefit from it?
my question is still unanswered, when i give my mother a sum of 1 lakh, can i claim a deduction from my tax?
thanks in advance...

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2012 is anyone there?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 June 2012 No sir, you can not claim any tax benefit.
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There is tax on gifts when gifts exceeding Rs 50000/ are received from non relatives.
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Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2012 Thank you very much Mr. Bafna

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