Gift's

Dear,

How would u pay tax on that because only your mum will pay tax on that?????????

Tarun ji, I would like to draw your attention to the sec 56(2)(vi):- The provisions of the aforesaid Section 56(2)(vi) applicable to the taxation of gifts in excess of Rs. 50,000 in a financial year in the aggregate are applicable for gifts received from non-relatives. Thus, any gift from relatives of any amount during the financial year is completely exempt from tax. The Explanation to Section 56(2)(vi) provides that the expression "relative" means: ¬ Spouse of the individual; Brother or sister of the individual; Brother or sister of the spouse of the individual; Brother or sister of either of the parents of the individual; Any lineal ascendant or descendant of the individual; Any lineal ascendant or descendant of the spouse of the individual; and Spouse of the person referred to in clauses (ii) to (vi). Thus, a gift received by an individual from his spouse, or from his brother or sister, or from the spouse's brother or sister, parents, or from any lineal ascendant or descendant of oneself or one's spouse would normally be fully tax-exempt. Similarly, any gifts of any amount whatsoever received from the spouses of any of these persons would also be completely exempt from income tax.

Thanks for giving reply to my query. but i have a small doubt , there is no deduction for amount given to relatives by the donor while caluculating the income of himself ,as per my knowledge. if you have any  query about this please quote the section under which an assesse get's deduction for the amount given by him as a gift.

that's okay ketan, i am asking about the position of donor(assesse). whether it should be treat as deemed income of him(assesse -donor) or not,while caluculating his income.  if you have any query for this please quote the section under which the assesse get's deduction for the amount given by him as a gift to relative.

Mr. Tarun kumar How could u get deduction on gift made by you, its not an expense to earn that income from which you are making gift.. to claim any deduction for an expense, such amount must be applied towards earning that income..you r not earning from such gift..there is no double taxation in ur case as you are making gift from ur taxed income and ur mother do not have to pay any kind of tax on the amount of gift received.