Suppose 'A' & 'B' r friends, 'A' gives Rs.200000/-(Rs. 50000/-each) to 'B'.B's family consist of four members (A gifts Rs.50000/- each to B's family).Tell me whether B would be liable to tax or not coz gift till Rs.50000/- is exempt from tax.Also tell whether 'A' can give gift to B's family in that way.
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gift tax
Replies (4)
yes sir...a good question indeed... The Act considers every assessee as separate individual and so the above arrangement might prove beneficial..
However the AO cannot treat it as evasion... however there should b paperwork to support separate gifts, else the AO may tax the whole sum in the hands of one person. As long as there is proof, the AO should not club the four gifts.
Thats my view...Please wait for others to reply too......
yes... perfectly correct..
yes...Amitk is right.....
yaaaa it is correct .......
for the purpose of proof, give gift using the banking channel..
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