Hi Pankaj ji,
I am following your blog since 4 years, and given me lot of knowledge on income tax, ITR returns and gave lot of information how I can save my tax legally,
Now I have query on Gift tax, my questions are as follows:
can I gift a cash to my mother in law or father in law ? how I can given them a gift as a cash or as a bank transfer as both of them are not educated enough to operate bank accounts by their own ? Gift tax will come under which section of Income tax will it comes under 80 c or any other specific section to declare it ? Gift declaration should be done with employer at the time of tax proof submission or at the time of IT returns ? What is the Maximum limit for tax exemption for me if I gift to my inlaws ? Please provide me clarification for above queries and eligibility of Gift tax exemption rules.
Thank you In Advance,
Regards, Rekha.