gift
This query is : Resolved
Prakash Rao
(Querist)
30 September 2017
Pl clarify the following
any gift 30 lacs from father to daughter is taxable or not
any gift 30 lacs from sister to sister is taxable or not
and also we assume that the sane amount has been kept in fixed deposit what iz inconetax treatment
01 October 2017
Yes...
Gift to relatives (blood) is excempted in IT... Prepare Gift deed... It's helpful in future reference...
CA Rashmi Gandhi
(Expert)
01 October 2017
Gift to relative is exempted. So in both case no tax attracted.
Also made gift deed on stamp paper for legality of transaction.
Amol S Joglekar
(Expert)
01 October 2017
father to daughter
sister to sister
Gift is exempt.
Interest on fixed deposit of such gift is subject to CLUBBING provisions under section 64. Please go through the same
sister to sister
Gift is exempt.
Interest on fixed deposit of such gift is subject to CLUBBING provisions under section 64. Please go through the same
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