Income tax

dinesh kumar (Querist) 06 April 2014 This query is : Resolved
HOW MUCH AMOUNT I CAN GIFT TO MY 65 YRS OLD PARENTS?IF MY PARENTS GIFT SUCH AMOUNT TO MY WIFE AGAIN.WHAT WILL BE THE TAX LIABILITY TO MY PARENTS AS WELL AS MY WIFE & MYSELF.CAN IT BE POSSIBLE TO DO SO FOR LOWERING THE TAX BRACKET. I AM IN 30% RANGE.MY WIFE NEEDS 50 LAC AMOUNT TO TAKE A PROPERTY.IF I CAN GIVE HIM DIRECTLY ,RENTAL INCOME OF THIS PROPERTY WILL CLUBBED.I HAVE MONEY. HOW IT CAN BE MANAGE IN MY WIFE NAME TO REDUCE THE TAX.

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ajay sethi (Expert) 06 April 2014
your CA can guide you . rather than gifting property to wife purchase property in joint names .

Anirudh (Expert) 06 April 2014
Even when you give the money and with that money if she purchases the property and rents it out, then also the income would be clubbed in your hands. Therefore, this sort of tax planning had been plugged by the legislature long back.

Guest (Expert) 06 April 2014
If you think the tax bracket will go down by gifting untaxed income then tou are mistaken. You will have to pay due tax on whole of your earning before gifting any amount to anybody. Gifted money is cosidered to have already been taxed in the hands of the donee. If found untaxed, heavy penalty becomes due on that income specifically to the donor.

So better, get proper consultacy by hiring services of some tax spcealist by shoeing the inflow trnd of your income, your wife's income and your father's income along with their past taxation records, instead of trying to take help from responses to a casual query.

Devajyoti Barman (Expert) 06 April 2014
taxation query..consult a CA.

Rajendra K Goyal (Expert) 06 April 2014
Consult your tax consultant.

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