Gift
This query is : Resolved
30 July 2016
Can a mother gift to son in installments?
Like 10k, then 25k, 40k total 3 Lacs
Any tax implications on son if he
deposits the same in bank account provided return is filed by mother.
Any gift deed required?
Like 10k, then 25k, 40k total 3 Lacs
Any tax implications on son if he
deposits the same in bank account provided return is filed by mother.
Any gift deed required?
30 July 2016
Any amount gifted from mother to son ( relatives) is non-taxable.
Above gift either in any installment or lump sum , no tax implications on mother or son. Any earning by Son from this gift is taxable in the hand of son if he is above 18 years otherwise if he is minor the it will be taxable in the hand of mother.
Yes deed or proof of offering a gift is must.
regards
Above gift either in any installment or lump sum , no tax implications on mother or son. Any earning by Son from this gift is taxable in the hand of son if he is above 18 years otherwise if he is minor the it will be taxable in the hand of mother.
Yes deed or proof of offering a gift is must.
regards
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- LIC maturity claim whether taxable
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- EXPORT COMMERCIAL INVOICE HSN CODE
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
