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Sorry! No such claim possible under I T Act.

January 6, 2007 By taxworry Leave a Comment

This is Sateesh from Hyderabad.I want to know about exemption from gift deeds.My taxable income is around 2.5L, heard from one of the colleague that i can exempt tax if i gift 1Lack to my mother(house wife).so that my taxable income will become 1.5 L.can you plz let me know is this true? if so plz give me the section under which i can claim?mailto:cliam?svelagaleti@gmail.com

No such exemption or deduction is available under the I T Act.Even if you gift Rs one lakh out of taxable income of Rs 2.5 lakh, you will still have to pay tax on 2.5 lakh.

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