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?
Income Taz
Replies (3)
Quick Summary
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.
Recent Topics :
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
Related Topics :
CAclubindia
