Gift tax

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employee
24 Points Posted on 30 January 2013

Hi Experts,

I have a question regarding gift tax? Not sure if this comes under category of gift tax.Pls clarify.

Suppose i pay a sum of say 2 lakh to my parents(both are retired and no income) so that they can renovate their house.

1 Do i get any tax benefit as i am paying them 2 lakh rupees 

2 Do they need to pay any tax as they are receiving the money.

Thanks in advance

 

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On 30 January 2013 at 22:50 Report
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LEARNER
1394 Points Posted on 30 January 2013

FRIEND,YES YOU CAN GIVE GIFT TO YOUR PARENTS, AS PER SEC 56 .NOTHING SHOULD BE TAXABLE IN THE HANDS OF YOUR PARENTS. PARENTS COMES UNDER THE DEFINITION OF RELATIVE UNDER SEC 56..

 

THANKS

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On 30 January 2013 at 23:18

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