We classmates want to contribute for a classmates child for her future study use. As the childs father (classmate) passed away recently leaving behind his 8 yr old daughter and spouse. We want to pool cash and donate. Whats the tax implication for both donee and receiver and any ways we could seek IT waiver for this noble cause?
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Gift to a child
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gift up to Rs 50000/- is exempt, you may give 50000 to daughter and her mother, same way your other classmates give them 50000 and like that you may create requisite fund.
authority sho uld be quotef
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