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Father Gift to Daughters

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A father gifting Rs 615,000 to his daughters is generally exempt from income tax as it's a transfer to a relative. To ensure proper documentation, it's advisable to execute a small gift deed. This can be a simple letter with a revenue stamp or a more formal document on stamp paper.

Kishor Kulkarni

Kishor Kulkarni (Querist)
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23 March 2021 Pensioner father gift to daughters Rs 615000/- transfer to Bank account this is exempted or taxable

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 March 2021 This is gift to relative exempt from income tax.

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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24 March 2021 Transfer of any amount by a person to his/her relative (within the definition as per Income Tax Act - Section 2 (41)) is not taxable u/s 56. However, make a record of it by executing a small GIFT DEED. The gift deed can either in the form of a letter with a revenue stamp or on a stamp paper.

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