2006-12-12 21:56:03 · 9 answers · asked by Gaurang 1 in Business & Finance ➔ Taxes ➔ India
No. No tax exemption for the person who gave gift to his relatives.
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2006-12-13 01:42:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Gift to blood relatives only is tax exempted. That is you can gift it to parents, brothers, sisters children and spouse. Check for more details in income tax department's site.
2006-12-13 08:05:07 · answer #2 · answered by VIJAY 3 · 0⤊ 0⤋
Cash gifts given to persons are taxable in the hands of the recipient if all such cash gifts received during the year by that person exceed Rs 50,000. Remember that all the amount and not just the excess is taxable. So if the cash gifts in a year are Rs 60,000, then Rs 60,000 will be taxed and not Rs 10,000. The person giving the gift is not taxed.
There are several exceptions to this which I am listing below. Gifts received —
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer; or
(e) from any local authority or
(f) from any fund or foundation or university or other educational
institution or hospital or other medical institution or any trust or institution
referred to in clause (23C) of section 10; or
(g) from any charitable/religious trust or institution registered under section 12AA.
Relative means—
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the
individual;
(vii) spouse of the person referred to in clauses (ii) to (vi).”.
Therefore if the cash gift is from a relative listed above, it will not be taxable.
2006-12-14 00:59:36 · answer #3 · answered by sonali_n 2 · 0⤊ 0⤋
NO the amount you give to your relative or any other person is not in any way deductible from your taxable income.....
the government doesn't recognize this as an exemption and more over this is just taken as an APPLICATION OF YOUR INCOME so no matter how small the amount or the receiver's relation to you this amount is not to be specifically mentioned while filing your return.....
2006-12-13 06:42:32 · answer #4 · answered by saurabh 2 · 0⤊ 0⤋
From what I've read, you can give anyone up to $12,000 tax exempt as a gift, but I don't know all the details..perhaps a govt. website or tax site can help with the answer..
2006-12-13 05:58:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
i think up to 30 thousand it's exempted. after that 30% deducted
2006-12-13 06:07:16 · answer #6 · answered by hitesh s 3 · 0⤊ 0⤋
http://www.rediff.com/money/2006/dec/13tax.htm
I would suggest you go through the above link and you should get you answer.
But please be a careful about what the defination of a relative is
There are only afew conditions/ defination which apply
Subhash
2006-12-13 06:16:07 · answer #7 · answered by Mathematishan 5 · 0⤊ 0⤋
no,no provision on cash gift.
2006-12-16 08:00:30 · answer #8 · answered by sarbjit s 1 · 0⤊ 0⤋
Yes, it is a gift.
2006-12-13 06:03:49 · answer #9 · answered by ? 7 · 0⤊ 1⤋