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)

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)

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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