taxation for gift

arun babu (engineer) (26 Points)

10 January 2010  

hi 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.