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Gift by cheque to a married daughter

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 April 2014 RESPECTED SIR,

MY AGE OF MY CLIENT IS 78 YEARS.

HE IS RESIDING WITH HER MARRIED DAUGHTER AS HE IS NOT HAVING ANY OTHER FAMILY MEMBERS.

AND HER MARRIED DAUGHTER IS THE ONLY ONE FAMILY MEMBER.

HE RECEIVED THE RETIREMENT AMOUNT AND WITH OTHER SAVINGS, HE GIFTED THE SUM OF RS 14,00,000 TO HER DAUGHTER BY CHEQUE.

DOES THIS GIFT AMOUNT WILL BE TAXABLE IN THE HAND OF DAUGHTER ?????
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CA Vaibhav Gupta

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CA Vaibhav Gupta (Expert)
13 April 2014 NO IT WILL NOT BE TAXABLE IN HANDS OF DAUGHTER
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 April 2014 PLEASE SUGGEST ANY FORMAT FOR THE SAME. THANKX VAIBHAV SIR.
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