Here Mr Zerotaxwalla is earning 13.10L coz none of the other family members are earning. So even the family's income is 13.10L it is being earned by only one person and no matter how his family invests, he still has to pay tax on 13.10L. It is impossible for him to pay 0 tax
While the salaried persons are giving their taxes honestly you are trying to do negative for the growth of this country by telling such type of article. This is only for your cheap publicity
Dont know what the writer wants to say. If Mr. Zerowaala is earning 13.10 Lakhs from his job, how will he not pay tax on his salary? 0 tax on the gift will ensure that if Mr gifts 100000 to Mrs, there is no tax on that and Mrs will receive full 100000 but it does not absolve Mr from giving tax on his salary.
Totally rubbish article....!!! No practical value. Also please notice there not a single statement which is actionable. All are hypothetical assumptions.
Tax is on Income accrued, not even earned and not on what is distributed. IF Mr. Zeerotaxwala earns 13 lakhs in his name, irrespective of how he distributes, he is liable to pay tax on that amount. Please donot use rediff.com for Cheap advertisements of such con jobs. Don't ever buy this book, he is taking you for a royal ride.
2 questions here 1. as someone already mentioned, is it really true that if you gift ur family members its tax free.. 2. whats the procedure to do this.. wht should i submit as a proof for this gift. 3. can i gift my parents.. the example only explains gifting it to children.
RE:how ?
by Oommen Mathews on Jul 10, 2008 10:29 AM Permalink
If you gift to your parents, they don't need to pay any tax for the amount received, but the gifted money need to show in your taxable income.
