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Gift relatives under income tax

A senior citizen is entitled to an initial exemption of 2,50,000 for the.Y.
As per the Income Tax ( 1 ) Act, 1961, if the value of gifts received, is more than.
Leave travel allowance (LTA) : Two trips on a block of four years can be claimed for exemption for travel done inside India. .Gift Tax Rates, gift Tax Act was introduced in 1958, amended in 1987 but discarded in 1998.3 Lakh Performance Incentive/Bonus: This component would be fully taxable.Brother or sister of either of the parents of the individual.So, stop fretting about the Income Tax Department questioning you about the car that was gifted by a distant relative at your wedding.Save tax by gifting money christmas cards and gifts to parents?10,000 to your income, if a friend gifts you.2,00,000 during the.Y.
This gift income will be taxed along with your total income under the tax slab rates applicable to you in that financial year.
You can gift money to your parents if they are cookbooks for gifts retired, and they can invest it in some high return investment scheme and save taxes.
Employees may provide actual phone usage bills to reimburse this component and make it non-taxable.
Reduced Section 87A rebate from.
In this case, Rs 90,000 will be charged to tax.
Rent paid minus 10 of (basic salaryDA).STT should have been on transaction.Transport/Conveyance allowance: Rs 800 per month is non taxable if salary has this component.Section 80G : The eligibility is 50 or 100 of the donation amount subject to overall ceiling of 10 of your gross total income to certain funds and charitable institutions.Do your elders need to pay gift tax before presenting them?In India, we express our love and affection through gifts.So a 22 working month and one meal per day would make Rs 1100 as non taxable.10,00,000 30 per cent, please download income tax calculator from the links provided below on the basis of required financial year/assessment year.Relationship of receiver or donee with the giver or donor.Any gift received by an employee from his employer is a perquisite.Tax deducted at Source (TDS) deduction: As per income tax rules, all payment which are taxable in nature should be done after deduction of taxes at the source itself.But do consider other factors such as succession issues before you transfer anything to your relative just for tax saving ( 4 ).House rent would needs to shown in income in case house is not self-occupied.