Although Rediff (rediff.com) is a portal popular only amongst the frustrated Indian male population, who think that this is the only place where they can be at their chauvinist best, but still it should maintain some kind of sanity in the articles that it publishes. Somebody at work forwarded me this link How to pay zero tax on family income of Rs 13.10 lakh. But don’t rejoice just yet, take a look at the article and you’ll understand how stupid it is. Year after year they publish the same stupid article (I get such links every year from someone or the other around budget time). They “reveal” a “loophole” that there is no tax on gifts upto a certain limit, but someone should ask them that there might not be tax on “receiving” money through gifts but the gifter still has to pay the tax on that money, it does not get deducted from his income magically. And even if by some contrived process, this thing works out, it is still useless for salaried people. I wish there was some law with which could ban such portals for spreading misinformation among the public.
[tags]Rediff, rediff.com, income tax, India, HUF[/tags]