Gift
This query is : Open
Ashit Malhotra
(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
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.
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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