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Gift Act
by NOEL MOITRA on Sep 05, 2006 06:16 PM

Dear Sir,
I have a query on Gifts.
If my net taxable income is Rs 3.0 Lakhs and I gift my wife a ring worth Rs. 20,000, will my tax liability reduce to 3,00,000 less 20,000=Rs 2,80,000?
Or will it remain 3 Lakhs and my wife is not subject to tax.
Thank You
NA Moitra

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The above message is part of the Discussion Board:
Look out. Gifts are taxed too