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Tax Implication of gifting to Relatives

Tax implication on gifting something to close relatives


The person who gives the gift can never claim any income tax deduction or exemption from his/her income



The money you gift to your parents/parents-in-law will not be taxable in their hands. But any income generated from the gifted money is taxable in their hands, not yours. Therefore, they need to club such income with their other earnings, if any, and pay tax as per the slab system




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This post first appeared on Prajna Capital - An Investment Guide, please read the originial post: here

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Tax Implication of gifting to Relatives

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