MR
3 years ago
Every month I send INR 25000/- to my sibling from my income, can I claim exempt on ITR as a GIFT.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
yes, the following transaction is exempted from the payment of Income Tax as it is considered a Gift given to your brother. Thank You
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yes, the following transaction is exempted from the payment of Income Tax as it is considered a Gift given to your brother. Thank You
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A.Hi,
Yes, you can file for an exemption from the Income Tax as it is not taxable. Gifts from specified relatives are exempted, regardless of the amount. These relatives are spouse, father, mother, brother, and sister. It also includes any lineal ascendant or descendant of the individual or his spouse as well as the brother/sister of the spouse. However note that even though the gift itself is exempt in the hands of the recipient, the income generated from the gift may be taxable under the clubbing of income provisions of the Income Tax Act.
Thank You
If you found this helpful, do rate us.
Yes, you can file for an exemption from the Income Tax as it is not taxable. Gifts from specified relatives are exempted, regardless of the amount. These relatives are spouse, father, mother, brother, and sister. It also includes any lineal ascendant or descendant of the individual or his spouse as well as the brother/sister of the spouse. However note that even though the gift itself is exempt in the hands of the recipient, the income generated from the gift may be taxable under the clubbing of income provisions of the Income Tax Act.
Thank You
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Vaidehi Samant
Responded 3 years ago
A.You need to have proof that you have gifted this amount to your brother in case matter is enquired. Either you can execute a registered gift deed not for any consideration or you can invest that money in a education plan or such welfare oriented scheme for your brother to avail exemption. I hope you found this advice helpful. Kindly mark ***** to my profile if you deem fit. Thank you.
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