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Income exempt for gift to son\daughter

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 March 2013 I am salaried person and my total Salary is 18 lacs PA. Can i get exemption for amount spent on renovation of my house ? if yes what is the limit for the same ?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
13 March 2013 NO YOU CAN NOT GET EXEMPTION. YOU HAVE TO PAY TAX ON YOUR INCOME. IF YOU GIFT THE AMOUNT THEN SUCH AMOUNT WILL BE TAX FREE IN THE HANDS OF YOUR SON AND DAUGHTER.
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