Please Help: tax saving
Posted Date : 25-Jul-2017 , 05:16:27 pm | Posted By aprajita
If an individual having salaried income gift some money to his parents (suppose give rs 1 lakh to his parent). Now can he claim tax exemption of rs 1 lkh in his ITR.?
Category : Income Tax | Answers : 0 | Comments : 2 | Hits : 414
Answers
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Sanket Garg
27-Jul-2017 , 09:23:06 amNo he can not claim tax exemption.
Prakhar Pratik
03-Aug-2017 , 01:25:25 pmNo, He cannot claim exemption in his ITR If he gives it to LIC he can claim exemption u/s 80C Gift is not exempted,only if he gifts 50000 or lessor, then he can claim exemption up to 50000 Now he can't take exemption for the sum.