regarding income tax
This query is : Resolved
04 February 2011
sir
i am state Govt employee & my income is Rs. 340000/ P.a. can i gave Rs. 40000/ to my married daughter as gift if yes then what is my taxable income
total income Rs 340000/-
exempted Rs.160000/-
80c Rs.100000/-
infra bonds Rs. 20000/-
----------
Bal 60000/
is Rs. 60000 is taxable or Rs. 20000/ is taxable and how can i show this gift when i file the income tax return
i am confused that a salaried (govt employee)person cannot gave gift so plz reply
i am state Govt employee & my income is Rs. 340000/ P.a. can i gave Rs. 40000/ to my married daughter as gift if yes then what is my taxable income
total income Rs 340000/-
exempted Rs.160000/-
80c Rs.100000/-
infra bonds Rs. 20000/-
----------
Bal 60000/
is Rs. 60000 is taxable or Rs. 20000/ is taxable and how can i show this gift when i file the income tax return
i am confused that a salaried (govt employee)person cannot gave gift so plz reply
04 February 2011
Dear Narendra
You will not get any exemption / deduction for gift given to your daughter.
Hence your Taxable Income will be Rs 60000/- in both the cases.
You will not get any exemption / deduction for gift given to your daughter.
Hence your Taxable Income will be Rs 60000/- in both the cases.
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04 February 2011
sir
salaried persons canot gave gift to his daughter or any body will not gave gift to his daughter
but sir gift gave in blood relation is exempted and gift gave to freind is 50000/ exempted in finacial year
plz reply
salaried persons canot gave gift to his daughter or any body will not gave gift to his daughter
but sir gift gave in blood relation is exempted and gift gave to freind is 50000/ exempted in finacial year
plz reply
04 February 2011
The exemption clause is for the one who is in receipt of gift and not the one who gives it.
04 February 2011
but sir amount of gift is deducted from the capital of the assessee
04 February 2011
you can not claim deduction there for ur income will be 60000
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