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Query about gift tax act..
by Roshani on Aug 04, 2006 03:02 PM

Hi,

Who and how much tax would be there on receipent is specified in this article. But, please make me clear what will be charged on donor.
I mean if i give some some gift to my parents than would that aount get excempted from taxable income of mine. If yes, than what is the maximum limit of that gift amount i can give per year?

Please advise me...

Roshani

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