Income exempt for gift to son\daughter
This query is : Resolved
Querist : Anonymous
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 ?
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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