How to save tax on cash given to parent as a gift? Is it possible?

POSTED BY Amol Navale ON November 20, 2012 3:11 pm COMMENTS (2)

Hi Manish,
I am Amol Navale. I am from HUF. I wanted to give Rs. 1,00,000 amount to my parents as a gift.
My queries are:
1. Is this amount tax free for me?
2. If yes, then under which section?
3. Which process I have to follow to give this gift so that it is tax free for me?
4. Which proofs and documents I have to give to my company so they will not cut my salary as TDS.

Please help me on this.

Regards,
Amol.

2 replies on this article “How to save tax on cash given to parent as a gift? Is it possible?”

  1. Manish Chauhan says:
    November 20, 2012 at 6:33 pm

    1. NO it can NEVER be tax free in hands of Giver, its only going to be tax free in hands of reciever

    You can create a tax deed and gift it to them

    Reply
    1. Amol Navale says:
      November 21, 2012 at 11:19 am

      Thanks Manish…

      Reply

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