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Tax exempt on gift to mom

22 November 2020

Hi

I am a salaried individual working at an IT firm. I recently gifted my mother a mobile worth Rs 30K.

Also, I am planning to gift my father Rs 1.5 lakh on his upcoming birthday.

Is there any sort of tax benefit I can claim here?

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5 Replies

JATINDER KUMAR (Accountant) (3662 Points)
Replied 22 November 2020

No tax benefits ......

M BABU (203 Points)
Replied 22 November 2020

There is no tax benefit for u

vishal yadav (48 Points)
Replied 23 November 2020

No tax benefit

savdi (student) (58 Points)
Replied 23 November 2020

No tax benefit for you but the gift will be tax exempt for your mother and father.

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Kaushik Joshi (Practising Chartered Accountant) (1527 Points)
Replied 23 November 2020

Hi Sparsh,

I concur with savdi that although there is no specific tax benefit directly in your income under the head salary, the amount given by you to your parents will be exempt from taxation under the head income from other sources in the hands of your parents.
So the real tax benefit will be available to your parents!

1 Like