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.
