Gift of cash from father to daughter
This query is : Resolved
09 September 2017
Respected Experts and my Fellow friends,
I have a query regarding Income Tax. A father, by occupation businessman, wants to give Rs. 20,00,000 to his own daughter for purchase of a flat in her own name. His daughter just got married in Jan, 2017 and he will give the money to his daughter in this September, 2017. His daughter is having no source of income or Nil Income.
How this Rs. 20,00,000 will be shown in the Accounts of the father ?
What are the possible ways out to bypass any tax, if levied, from the point of view of the father and as well as daughter ?
The father is a Income Tax Return filer, (unaudited).
Thank you for your valuable suggestions in advance.
.
I have a query regarding Income Tax. A father, by occupation businessman, wants to give Rs. 20,00,000 to his own daughter for purchase of a flat in her own name. His daughter just got married in Jan, 2017 and he will give the money to his daughter in this September, 2017. His daughter is having no source of income or Nil Income.
How this Rs. 20,00,000 will be shown in the Accounts of the father ?
What are the possible ways out to bypass any tax, if levied, from the point of view of the father and as well as daughter ?
The father is a Income Tax Return filer, (unaudited).
Thank you for your valuable suggestions in advance.
.
09 September 2017
Show it as gift and pay through bank no tax payable by either of them.
11 September 2017
Thank you Seetharaman Sir for your reply.
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