30 July 2016
Can a mother gift to son in installments? Like 10k, then 25k, 40k total 3 Lacs Any tax implications on son if he deposits the same in bank account provided return is filed by mother. Any gift deed required?
30 July 2016
Any amount gifted from mother to son ( relatives) is non-taxable.
Above gift either in any installment or lump sum , no tax implications on mother or son. Any earning by Son from this gift is taxable in the hand of son if he is above 18 years otherwise if he is minor the it will be taxable in the hand of mother.
Yes deed or proof of offering a gift is must. regards
CAclubindia
