Cash gift to major son
This query is : Resolved
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?
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.
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.
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