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Related: Gifts
am I eligible for lessening the amount of gift that I gave to my relative from my income
Replies (4)
Quick Summary
No
Gift is not eligible for any sort of deduction
But it won't be taxable in the hands of your relative
Gift is not eligible for any sort of deduction
But it won't be taxable in the hands of your relative
No you can't
What if the amount of gitf is more than 50,000
There is no taxability nor any deduction even if it's amt is more than 50,000 provided it is given to a relative.
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