Taxable gift?
This query is : Open
03 October 2012
Can an Individual Give his Mami ( Mother's Brother's Wife) a Gift?
Will it be allowable expense while calculating taxable income of the said individual?
Will it be allowable expense while calculating taxable income of the said individual?
03 October 2012
Gift received from non relative would be taxable in the hands of receiver and from relative would be exempted. In any case i.e gift paid to relative or non relative may not allowed as expenditure in the hands of payer i.e it is treated as personal expenditure doesn't allowed as deduction for tax purpose.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
03 October 2012
The relation said by you is relative according to the Income tax act. So such gift in exempted in the hands of receiver i.e your's Mami. But however the deduction not available as expenditure in the hands of payer. I.e such gift paid individual.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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