If MR A gifts his mother 1 lakh rupees as gift, will Mr A get any tax benefit or only Mr A mother will get tax benefit?
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Replies (3)
Whatever you give to your relative as gift will not be taxable in the hands of recipient..
and
in the hands of transferor whatever you transfer as a gift it will not be come under transfer as per s.47 hence no capital gain will arise ..
and
in the hands of transferor whatever you transfer as a gift it will not be come under transfer as per s.47 hence no capital gain will arise ..
It is not taxable as it is shown under relative
Gift to/ from relative is exempt from tax. Gift is capital item and any type of income to either.
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