Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2015
ME AND MY FATHER HAVING JOINT ACCOUNT IN WHICH FIRST NAME IS MINE, AND A LIFE INSURANCE OF MY FATHER HAVE BEEN MATURED IN THAT PARTICULAR JOINT ACCOUNT, WHICH I HAVE SHOWN AS GIFT FROM MY FATHER, IS IT MAINTAINABLE OT NOT IN THE EYE OF IT ACT.
THE AMOUNT OF MATURITY IS RS. 2 LAKHS.
CAN I SHOW AS GIFT FROM FATHER OR NOT.
IF YES THEN OK, IF NO THEN WHAT WILL BE TREATMENT OF THAT LIC MATURED AMOUNT.
THANK YOU VERY MUCH SIRS.
THE AMOUNT OF MATURITY IS RS. 2 LAKHS.
CAN I SHOW AS GIFT FROM FATHER OR NOT.
IF YES THEN OK, IF NO THEN WHAT WILL BE TREATMENT OF THAT LIC MATURED AMOUNT.
THANK YOU VERY MUCH SIRS.
15 March 2015
You can show it as gift from your father for which no tax is payable.
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