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Please Help: tax saving

Posted Date : 25-Jul-2017 , 05:16:27 pm | Posted By: Aprajita

Category : Income Tax | Answers : 0| Comments : 2| Hits: 272

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.?

Comments
Posted By : Prakhar Pratik 03-Aug-2017, 01:25:25
No, 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.
 
Posted By : Sanket Garg 27-Jul-2017, 09:23:06
No he can not claim tax exemption.
 

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