|
|
| *Loan,banking and credit>>>child tax |
How much gift can i give to my wife and children and what is tax obligation.? |
I want to give Rs.500000 to my wife &my children, what is gift procedure. who has toi pay Tax Hi Praveen, There is no tax on gift given to relatives. These include, - your spouse - your children - your brother or sister - your parents - your wife's parents etc. Gift given to any of the above does not attract gift tax. In other words neither you nor your wife or children will have to pay any tax on any amount gift given by you to them. Anyways to be on the safer side, you can always make a gift deed from you to your wife and children for any proof in future. In U.S., you can give any amount to your spouse tax free. To anyone else, there are limitations and any amount over them can be taxed by "donor", gift taxes. est bet is to contact IRS or lawyer. As mentioned by Shruthi, as of now, there is no Gift Tax when it is gifted to relatives. Let the gift by made thru proper channels like bank account transfers, and on safer side with a Gift Deed on Rs.20 stamp paper, a copy of which may be attached to the statement of income and expenditure submitted to the income tax department. While the gift procedure to wife or son is simple one-issue cheque of the amount and make a gift deed in their name . However, you MUST take a note that as per Section 64 of the I T Act , the income derived from the GIFT amount to your WIFE or asset purchased from that gift amount by your wife or interest amount on that gift amount , shall be taxed in YOUR hand. In income tax parlance , this provision is called Clubbing provision. There will no Clubbing of income in case of gift to SON however. |
| Tags |
| tax year income tax business tax car tax child tax cigarette tax corporate tax estate tax import tax inheritance tax |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |