Cash gift to major son
This query is : Resolved
ABHISHEK JHUNJHUNWALA
(Querist)
09 March 2014
father has given cash gift of Rs. 200000 to his major son for his personal expenses
what is the tax implication on both father and son?
Nikhil Kaushik
(Expert)
10 March 2014
there is no tax implication. it is exempt in the hands of the son...please note father wont get any deduction in his tax return.
10 March 2014
yes , any transaction as a gift to close relatives /blood relations have no tax liability to either father or son in this case. However you need to make a deed for this gift.
CA Shashank Jain
(Expert)
30 May 2014
Cash gift given by father to his son irrespective of the quantum of amount shall be completely exempt in the hands of son. And father cannot claim deduction of gift given by him as it is not of revenue nature but of capital nature hence the result will be reduction in capital of father.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
