Gift to sister
This query is : Resolved
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.
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.
04 September 2013
Gift to relatives is exempted under income tax act under sec 56(2).
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