banner_ad

Income tax- gift

Tax queries 251 views 1 replies

Hello

Is it possible for person A who earns to give the entire earnings as gift to the family member?  Is there any tax that the family member pays for received the gift  and in case of being the receiver as senior citizen , is there any exemptions?

Thanks

 

Replies (1)

Person A needs to eat and there are other expenses. So, if his family members provide for him, he can gift his enitre earnings to them. He should file his income tax returns regularly and its better if he makes a balance sheet to disclose the earnings and the gift amount.

If the family members to whom he is gifting are covered in the definition of 'relative', then th egift so received will be exempt.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details