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You told me that Rs 50000 is the limit of gift to any of blood relation relative, my question is can I gift Rs 50000 to more than one relative i.e. Rs 50000 to spouse, Rs 50000 to my daughter (Minor) & Rs 50000 to my son (Minor) in the same FY and interest/gain on this amount will not be added to my income. asked Aug 05 '11 at 16:31 by sakiv1089 186●8●21●39 |
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There is no limit on gifts to relatives (not all but most of the direct ones), which is non taxable. You can gift any amount to any of your close relatives and it will be non-taxable. But gains out of it may be added to your income. answered Aug 06 '11 at 21:44 by Pankaj Batra 5.2k●3●20 The answer is still not clear on following matter:
1) When there is not limit to gift then after gifting how would I know in what way the receiver is spenting my money / gift.
2)How about if I give some amount to my spouse as loan on 0 % and then if she owns a PAN card & use this money to make some gain or profit. In this case who will pay the tax?
(Aug 08 '11 at 16:56)
sakiv1089
There is no as such clear cut definition provided by IT rules. Issue may arise when the person who receives does not have any/much income and one is just investing on other person's name to save tax.
If the gift receiver is already paying taxes, it may not be an issue as he/she will pay income tax on returns earned.
(Aug 08 '11 at 21:28)
Pankaj Batra
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