regarding tax

This query is : Resolved

Narender Thakur (Querist)
Follow

01 February 2011 i am govt employee and i gave Rs 60000/- to my daughter as gift then how can i show this amount in my income tax return if i have not maintained my account and if i paid tax then can the amount of tax is refunded by the income tax department

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
Follow

01 February 2011 There is no need to show anything in the return and you are also not required to pay tax on that.

Gift is not an expenses in your hand and it will not be deducted from the income earned.

Simply you prepare Balance sheet and reduce the capital account by the amount gifted yo your daughter nad your daughter will add that amount in her Capital acount.

Please tell me under which section you have paid tax for gift to your daughter

Narender Thakur

Narender Thakur (Querist)
Follow

01 February 2011 sir i hav not paid tax but if my income is 340000/ p.a then
160000 is exempted
then the tax on 180000/- is
18540 in that case what will happen if i gave 60000/- as gift to my daughter is the tax decrease from 18540 or not plz reply i am very thankful to u

C.A.Javid Patel

C.A.Javid Patel (Expert)
Follow

01 February 2011 Your Total Income Rs. 3,40,000

Less : Gift Exempt Rs. 60,000

Less : Exemption Limited 1,60,000

Balance Rs. 1,20,000 which is chargeable to tax

Message likes : 1 times

Narender Thakur

Narender Thakur (Querist)
Follow

01 February 2011 how can i show dis in my income tax return and is there any gift deed necessary for it

C.A.Javid Patel

C.A.Javid Patel (Expert)
Follow

01 February 2011 No need to show in income tax and gift deed is require whent Income tax officer demand

Message likes : 1 times

Narender Thakur

Narender Thakur (Querist)
Follow

01 February 2011 sir one more question

when i file the return
my income is 340000/ annum
exemption 160000/
balance 180000/-
Gift for Rs 60000/- is fall under which head that i can reduce the amount from 180000 to 120000

plz reply

Narender Thakur

Narender Thakur (Querist)
Follow

01 February 2011 actually my tax is already deduted from december onwards as my salary increase the limit thats why how can i show this gift to get the refund back

C.A.Javid Patel

C.A.Javid Patel (Expert)
Follow

01 February 2011 your income is only Rs. 280000 and then exemption 160000

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now