gift & savings bank bccount interest taxation

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This query is : Resolved

Zubair Ahmed (Querist)

14 April 2014 Few months back I deposited Rs. 40000/- cash in my fathers savings bank account as a gift. 1) Do I need to sign a gift deed since it is cash deposited by me in my fathers account. 2) Is cash gift from son to father is exempted from income tax for father. 3) If it is exempted and since it is more than Rs. 5000/- do my father need to fill the ITR-2 form to claim the exemption. 4) The amount received as a gift and savings bank account interest, can it be shown under "Income From Other Sources" in ITR form.

Rupesh Jain

Rupesh Jain (Expert)

15 April 2014 firstly you should give the cheque of gift to his father.
if your income below exeption limit Rs. 200000/-
then no requirement of return filing

Zubair Ahmed

Zubair Ahmed (Querist)

17 April 2014 Please answer the query number wise.

Rupesh Jain

Rupesh Jain (Expert)

19 April 2014 1. YOU WRITE GIFT DEED ON THE SAME DAY WHEN GIVE/DEPOSIT THE CASH
2.IT IS EXEMPT FOR FATHER
3.IT IS NOT REQUIRED FOR FILE THE RETURN GIFT IS NOT THE INCOME IN YOUR FATHER HAND.

4. YES INTT SHOW AS INCOME FROM OTHER SOURCES.

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