Gift to save tax to wife and mother

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B.Com
72 Points Posted on 03 February 2018

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

 

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On 03 February 2018 at 21:03 Report
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Bara bazar
177 Points Posted on 03 February 2018
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.
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On 03 February 2018 at 22:06
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PRACTICE
472 Points Posted on 03 February 2018
Gift is for ur mother and spouse... Not for u....
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On 03 February 2018 at 22:59
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PROPRIETOR
362 Points Posted on 07 February 2018
gift to mother , income from transfer money mother,s imcome
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On 07 February 2018 at 16:00

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