Related: Gifts

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3 Points Posted on 10 June 2020
am I eligible for lessening the amount of gift that I gave to my relative from my income
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On 10 June 2020 at 17:39 Report
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Quick Summary
In the UK, gifts given to relatives are generally not eligible for any tax deductions from your income. This applies regardless of the amount, even if it exceeds £50,000. While you cannot claim a deduction, your relative will not be liable for any tax on the gift they receive.

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2 Points Posted on 10 June 2020
No
Gift is not eligible for any sort of deduction
But it won't be taxable in the hands of your relative
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On 10 June 2020 at 19:32
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Student
1321 Points Posted on 10 June 2020
No you can't
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On 10 June 2020 at 22:02
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3 Points Posted on 11 June 2020
What if the amount of gitf is more than 50,000
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On 11 June 2020 at 07:51
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7 Points Posted on 11 June 2020
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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On 11 June 2020 at 09:03

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