Gift

This query is : Resolved

Devendra Kumar Agarwal (Querist)
Follow

16 February 2012 Dear Sir,

If my Father/mother give gift Rs.500000 to my married sister, is it taxable for my mohter/father. they never filed tax return.

also in hand of my sister is it taxable.

pls suggest.

also pls send mob no so that we may discuss on phone.

Regards,
8130263122

CA. Hari Kishan

CA. Hari Kishan (Expert)
Follow

16 February 2012 Where the gift is paid on the occassion of the marriage the same in not taxable in the hands of the receipeint i.e ur sister.. also in the hands of father and mother it shall not be added back.. however sufficient care to be taken to demonstrate that there are sufficient source for the parents to make payment of the gift..

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

17 February 2012 First of all giving cash gift is not taxable in the hands of the donor, provided the donor can subtantiate the source of income of suc gift.

So, there is no tax liability on the parents.

The only point for consideration is whether the gift shall be taxable in the hands of the recipient.

In this case even if the gift was not given on the occassion of the marriage, it shall still be exempt in the hands of the daughter since the gift has been received from a relative.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

HITESH NIRANJAN SAHU

REGIWISE CONSULTANTS PVT LTD

R M Shekhaliya

CA Aakarsh Jain

SUMAN SAHA

Subscribe Now

Gift

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA