is amount gifted in blood relation be deducted from gross annual income of donner for calculating total taxable income

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.

asked May 02 '12 at 13:18 by Prem Parkash 11

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.

answered May 20 '12 at 10:58 by Pankaj Batra 5.2k320


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Asked: May 02 '12 at 13:18

Seen: 1,569 times

Last updated: May 20 '12 at 10:58