arun babu (engineer) (26 Points)
10 January 2010hi every one,
i want to gift Rs 2,00,000 equally among four of my relatives(according to definition in 56(2)).all four doesnt have any income for the yr 2009-2010.
what is the tax i have to pay for this amount.i have already completed 80c exemption of 1,00,000 through my PF.
if at all i donot need to pay tax please explain the procedure where i can get tax beneifit for the above sum of Rs.2,00,000
if u need any more information about my taxable income i am ready to give
thanks in advance.
Amir
(Learner)
(4016 Points)
Replied 10 January 2010
Dear Arun,
If u want to gift Rs. 2Lacs then it will not be taxable in ur hands..Further u cannot claim any exemption/deduction of this amount..
arun babu
(engineer)
(26 Points)
Replied 10 January 2010
"Further u cannot claim any exemption/deduction of this amount.." i didnt understand this clause...please can u elaborate on this?...
Nirav
(Tax preparer)
(74 Points)
Replied 10 January 2010
you are gifting this amount to your relative...this means money is going out of your hand....how can you pay tax? so you are not taxable.
Amir
(Learner)
(4016 Points)
Replied 10 January 2010
Dear Aurn,
I meant that Gift to ur relatives will not qualify for any exemption/deduction under income tax act.
Sushant Singh
(Student)
(208 Points)
Replied 10 January 2010
Ya ! It will not qualify for any deduction / exemption as it is itself not taxable .
For the purpose of sec 56 (2) , any gift to relatives whether in cash or kind is not taxable.
C.Balaji
(Learner)
(1867 Points)
Replied 12 January 2010
mr.arun gift of Rs.2 lacs won't be taxable in ur hands.... no deduction/exemption for gift given to relatives....
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