Cash gift to father
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2015
Please reply:-
I am a private tuition teacher and my income from tuition is near about Rs. 5 Lakhs per year. know my question is
(1) Can i file my return in ITR - 4S Sugam,is my profession is allowable to submit my return in 4s or in other ITR form?
(2) As my income is Rs. 5 Lakhs per year, can I gift to my father Rs. 4 Lakh in cash?
(3) Is giving cash Rs. 4 Lakhs will be subject to tax or cash gift to father is allowable in income tax law.
(4) please reply ld.Experts under which section of income tax it is allowable or dis allowable.
I am a private tuition teacher and my income from tuition is near about Rs. 5 Lakhs per year. know my question is
(1) Can i file my return in ITR - 4S Sugam,is my profession is allowable to submit my return in 4s or in other ITR form?
(2) As my income is Rs. 5 Lakhs per year, can I gift to my father Rs. 4 Lakh in cash?
(3) Is giving cash Rs. 4 Lakhs will be subject to tax or cash gift to father is allowable in income tax law.
(4) please reply ld.Experts under which section of income tax it is allowable or dis allowable.
26 June 2015
1) No. ITR4 needs to be filed.
2) Yes You can make gift of 4 Lacs. Better if you make through cheque and prepare a gift deed.
3) No Tax implication for both you and your father.
4) Refer Section 56(2)(vii)
2) Yes You can make gift of 4 Lacs. Better if you make through cheque and prepare a gift deed.
3) No Tax implication for both you and your father.
4) Refer Section 56(2)(vii)
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2015
It mean that i can gift in cash. No further implication will be raised or any sorts of income tax act violation is not been conducted if i gift in cash.????
26 June 2015
No. There will be no violation.
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