Cash gift

This query is : Resolved

Sarvesh (Querist)
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02 August 2015 What are the procedures if father want to give cash gift to a children of say Rs 200000/- Is it taxable ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 August 2015 No Tax Implication of Gift from Father to Son. Just make a Gift Deed for Record.

Refer Section 56(2)(vii) of Income tax Act 1961.

Also check out link given below:

http://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=

CA G. SURYANARAYANAN

CA G. SURYANARAYANAN (Expert)
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02 August 2015 Father can make tax free gifts to his son. It should be sufficient to show enough source for making the gift and a letter of confirmation may be obtained. It may be in form of cash or cheque.