Gift of bank's fdr from mother to son
This query is : Resolved
05 August 2012
One of my client being an Individual Lady in the status of Mother can be made gift of Bank's FDR in the name of Mother to her son or not.
If yes,then whether the same is exempt from tax as per I.T.Act and how much such mode of Gift can be made at maximum level.
If yes,then whether the same is exempt from tax as per I.T.Act and how much such mode of Gift can be made at maximum level.
05 August 2012
It seems that the FDRs in the name of the mother are required to be transferred to the son. It will be possible only when the FDRs in the name of mother are encashed or the name of the son has to be included as a joint holder.
.
As mother's love can not be denominated in terms of a sum of money, She can gift as much as she could wish out of the money or property in her possessions. There is no limit.
.
The reverse is also possible. No Tax implication arises in the blood relation gifts.
.
.
As mother's love can not be denominated in terms of a sum of money, She can gift as much as she could wish out of the money or property in her possessions. There is no limit.
.
The reverse is also possible. No Tax implication arises in the blood relation gifts.
.
05 August 2012
Sir
01 Mother is comes under "relative" as per Act
02 The Son should not be minor
03 FDR may be encashed or son name can be included as first holder of such FDR
04. and hence No Tax implication on the part of son
05. Mother must have a valid source of income of her own
Hope you got the answer
01 Mother is comes under "relative" as per Act
02 The Son should not be minor
03 FDR may be encashed or son name can be included as first holder of such FDR
04. and hence No Tax implication on the part of son
05. Mother must have a valid source of income of her own
Hope you got the answer
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