Cash gift
This query is : Resolved
02 August 2015
What are the procedures if father want to give cash gift to a children of say Rs 200000/-
Is it taxable ?
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:
https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=
Refer Section 56(2)(vii) of Income tax Act 1961.
Also check out link given below:
https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=
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.
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