banner_ad

Income tax- gift

Tax queries 257 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
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details