My taxable income is Rs 2.2 Lakhs. If I gift Rs 20,000 to my son, who is a 23 yr old student, will my taxable income reduce by Rs 20,000 to Rs 2.0 Lak

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Income tax Act does not provide any reduction of gift amount from income of donor . Gift amount from relative is not taxable , however no other benefit is attached to donor of the gift.

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