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Gift to save tax to wife and mother

Tax queries 162 views 3 replies

prakash

B.Com

133 Points Joined June 2015

My taxable income is 5,50,000. I have transfered (via Netbanking) Rs. 1,00,00 to my Wife or Mother .

Can I show it is gift and save my tax? if yes under which section ? How can i shown in ITR or Income Tax.

Male : Age 35 , Salereis Employee in Pvt. Ltd

Replies (3)

It is your income.. You can not gift your income.
If you gift Say Rsm 1,00,000 it will still br assessible in your hands only.
Rather Income arising by these Rs. 1,00,000 shall be clubbed in your hand by virtue od section 64(1A) ( In case of spouse and Spose of son).

Hope this will meet your requirement.