RE:Tax saving
by Amitabh on Jun 01, 2008 10:37 AM Permalink
No direct saving this way.However,if you gift to your parents,any income they earn out of the gift will be taxed in their hands.But even this concession is not available if you gift to your spouse or minor children. Your taxable income will not reduce by giving the gift as gift is merely an application of income. But your parents or children will not be taxed on the gift,whatever the amount.
