Save income tax by gifting to parents

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

17 July 2013 Hi Experts,

I am an IT professional, and the only source of my income is my salary.

I would like to know if I give a portion of my salaried income to one of my parent, will that portion be exempted from my income tax base amount i.e. will it reduce my taxable income.

Also I would like to know will this exemption be over and above the 1 lakh limit which is allowed for various tax free investments such as L.I.C. premiums etc.

Would be really grateful to you, if you can satisfy my query.

Thanks in advance.
Babu

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2013 Experts,

Any help. Please...

Thanks,
Babu

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