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Gift

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(Querist)
12 July 2017 I have given a gift of Rs 10 lac to my son when he turned 18.How can me and my son declare giving and receiving gift in our respective tax returns
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
12 July 2017 Show in respective capital a/c as receipt & payment. No taxability arises on it. So show it as exempted income in your son's return.
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Anand

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Anand (Expert)
12 July 2017 finally the US it would be shown in whose balance sheet
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Anand

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Anand (Expert)
12 July 2017 ? kindly suggest
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
12 July 2017 Both Debited in Father's Capital A/c & credited in son's Capital A/c
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