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
CAclubindia
