regarding income tax

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Narender Thakur (Querist)

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/-
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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

Tilak Agrawal

Tilak Agrawal (Expert)

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.

Message likes : 1 times

Narender Thakur

Narender Thakur (Querist)

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

B. Gopalkrishna Baliga

B. Gopalkrishna Baliga (Expert)

04 February 2011 The exemption clause is for the one who is in receipt of gift and not the one who gives it.

Narender Thakur

Narender Thakur (Querist)

04 February 2011 but sir amount of gift is deducted from the capital of the assessee

C.A.Javid Patel

C.A.Javid Patel (Expert)

04 February 2011 you can not claim deduction there for ur income will be 60000

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