Gift matters

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Querist : Anonymous

Querist : Anonymous (Querist)

24 August 2011 Dear,
My cousin sister is about 28 yrs old. She is about to get married & she wants to transfer money possessed in her bank account to her mother as gift. can she be able to do that? if yes then How without tax implication on her mother for gift? when i discussed same with one of the financial adviser, he was of the opinion that on receipt of gift her mother may be taxed is scrutinized & found unsatisfactory by IT officer. I am deeply confused pls provide me some solution.

Ravikant

Ravikant (Expert)
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24 August 2011 Gift to 'Relatives' is Totally Exempt from Income Tax

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CA. Anoop Gadia

CA. Anoop Gadia (Expert)
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24 August 2011 Gift given to relative is exempt form tax and mother is covered in term of relative in income tax so no tax in the hand of mother of your cousin sister.

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CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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24 August 2011 To save from the problem of scrutiny, get a gift deed typed on a Rs. 10 stamp paper so that it can be used as a proper evidence.

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Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2011 Dear CA Maheshwari,

Kindly asking for further clarification on issue, despite after making gift deed can ITO treat this as an income ( Fact is she is employed & GTI of about 2lacs P.A. & Total assets 10 lacs on her name of which she wants to transfer about 6 lacs at one shot ) is it safe with deed??

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