dear Sir, Is any amount say Rs. 200000/- gifted in blood relations say to mother or brother by me will be deducted from my gross annual income for computation of my annual taxable income.
1 Answers
Amount gifted to anybody cannot be deducted from taxable income of person who gifts the amount.
However the person who receive this gift need not to pay any income tax on amount if he/she is in relation with gift giver.
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