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.
Message likes :
1 times
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- FEMA regulation Act. for inward remitance
- Rental income of jointly held property
- Regarding ITR filing with more value than showing in AIS/TIS
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
