Thanks for your advice but I feel it will be disastrous.With the present rate of Divorces,live in partners,when a relationship becomes rape and not sure when they part sure whatever is gifted will be lost for ever.Sure you cannot claim refund of Gifted money.It is better to pay tax rather than put i hedge fund. Hope you agree with me or your advice is indirectly for the benefit of your female clients.If the amount/ gold is good it will be profitable for the fiancee.
Re: Provisions for saving Tax
by Avinash Gupta on Aug 22, 2016 10:33 AM
The trasaction is not very clear. However, lets take it by an example. Presuming you have given your daughter Rs. 50 lacs to buy an office. You do not get any benfit in IT for this Gift. As she is one of the specified relatives under IT Act, she does not have to pay any tax on Rs. 50 lacs received by us. If she rents out this shop, then the rental income will be income to be declared by her as her income and pay taxes as per her IT slab.
