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Tax on gift

Others 512 views 1 replies

Dear All,

My question is :

Mr. "A" transfered( By bank) Rs. 7,50,000 to Mr. "B" brother

Mr. "C" transfered ( By Bank)  Rs. 3,50,000 to Mr. "B" brother

and Mr. "B" transfered the same amount to Mrs. "D" mother of  A,B, and C

Can Mr.  A & C show as a gift to mr. "B" ( Brother) amd Mr. "B" gift to mother 

Mr. A, B, and C is a income tax assessee but mother D is not a income tax asseessee ( age more than 70)

Please reply

 

Replies (1)

yes A and C can give gift to their relative (brother - B) as per section 56. and B can also give gift to his mother (D).

But if D is not filling the return then why you want to gift her?????????

in my opinion taking gift from her will be more beneficial.................


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