income tax exemption

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Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2009 hi

can anyone please let me know abt this

i have given some amt i earned to my family member as a gift can i show it my i.t. declaration for tax exemption is it possible

regards

kumar

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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08 December 2009 You can show the amount as gift. If amount is small; no gift deed is necessary. For big amount; say 10,000/- plus etc., prepare gift deed on stamp paper.

There is no tax exemption on gifts.

Ca Rakhecha
Surat

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2009 so we cannot show this amt in income tax declaration form .

i have given say 50k by fundtransfer from my account to my dependent elder family member.

so i dont have income tax benefit under 80c deductions

CP Ram

CP Ram (Expert)
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08 December 2009 Deduction u/s 80C is not available for gift to dependent elder family member..

CA Anand Sarda

CA Anand Sarda (Expert)
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10 December 2009 There is no tax deduction for gifts given to elders dear.... Otherwise everyone will start doing it. And moreover if u give gift(either cash or Kind) to people other than those given in sec56(ii) , of more than Rs.50000 Amount, than the person who received the gift is liable to pay tax on the entire amount.
So be careful dear.
But u can give to your relative any amount as gift but u cannot claim u/s80C, u have to show it as drawings.

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