Father Gift to Daughters
This query is : Resolved
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Kishor Kulkarni
(Querist)
23 March 2021
Pensioner father gift to daughters Rs 615000/- transfer to Bank account this is exempted or taxable
CA R SEETHARAMAN
(Expert)
23 March 2021
This is gift to relative exempt from income tax.
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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