Whether my father can avail charge nouns by gifting his income?
My father's annual income is Rs. 3.5 lakhs. He have invested Rs. 1 lakh beneath slot 80 C. He decide to impart Rs. 1.4 lakhs as grant to me. Whether he can retribution no export tax at adjectives i.e. nil rates payable? What obligatory procedure he must pilfer?
Answers:
I know here is a bonnet on gifts (value)...I'm surrounded by America and I found that by putting money into an IRA, specifically export tax differed. Instead of paying the govt. $500, I invested it to preserve it and it is growing in interest.
no
Under the I T Act, endowment by father to his son is levy free. The procedure for offering is especially simple
1. Give bequest by cheque or draft.
2. Get an contribution deed(affidavit ) and seize it signed by Notary Public. Go to court and you will find 100 of them.
3. Show in your father harmonize sheet, if he attaches match sheet .If he does not attach, it does not issue.
Read this article on endowment http://www.taxworry.com/feeds/5868264335...
NO my dear u r wrongur papa cannot avoid paying tax by gifting u any amount the amount rewarded to u as a gifr does not entitle him to any sort of rebate.
If I be within your shoes, I would update him to consult a practising CA a bit than aim assistance from here, in attendance and everywhere.
You enjoy mistaken surrounded by recognition the situation.
A grant is not an expenditure for getting any conclusion from Income neither it is a donation which is exempt.
The exemption of any income toll on such grant is surrounded by the hand of beneficiary of the Gift just and not the patron of the Gift .
This charge planning is not workable in the Tax ruling as applicable within India .
S K Somani
9312211526
no. after paying the taxes , he can payment the income.but you dont own to recompense any taxes for the bequest amount you recieve from your dad.
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Answers:
I know here is a bonnet on gifts (value)...I'm surrounded by America and I found that by putting money into an IRA, specifically export tax differed. Instead of paying the govt. $500, I invested it to preserve it and it is growing in interest.
no
Under the I T Act, endowment by father to his son is levy free. The procedure for offering is especially simple
1. Give bequest by cheque or draft.
2. Get an contribution deed(affidavit ) and seize it signed by Notary Public. Go to court and you will find 100 of them.
3. Show in your father harmonize sheet, if he attaches match sheet .If he does not attach, it does not issue.
Read this article on endowment http://www.taxworry.com/feeds/5868264335...
NO my dear u r wrongur papa cannot avoid paying tax by gifting u any amount the amount rewarded to u as a gifr does not entitle him to any sort of rebate.
If I be within your shoes, I would update him to consult a practising CA a bit than aim assistance from here, in attendance and everywhere.
You enjoy mistaken surrounded by recognition the situation.
A grant is not an expenditure for getting any conclusion from Income neither it is a donation which is exempt.
The exemption of any income toll on such grant is surrounded by the hand of beneficiary of the Gift just and not the patron of the Gift .
This charge planning is not workable in the Tax ruling as applicable within India .
S K Somani
9312211526
no. after paying the taxes , he can payment the income.but you dont own to recompense any taxes for the bequest amount you recieve from your dad.