04 September 2013
my own capital fund is 7,50,000/-with anuual income of Rs 3,00,000/-and no loans and liabilities on liabilities side of my Balance sheet. I am desirous of making gift to my sister Rs 7,00,000/- for purchase of a flat. If I do so will it be correct from income tax point of view. Is there any law under Income Tax that a person cannot gift more than his annual income.
CAclubindia
