Gift provision

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Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2013 if father gives gifts to his daughter whether such gifted amount is tax deductible?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 August 2013 Gift received from father is exempt from Tax in the hands of daughter.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi)

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2013 is this amount tax deductible or not in the hands of father?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 August 2013 No Tax required to be paid by daughter. No deduction available to father.

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2013 okkk........but if gift given through gift deed

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 August 2013 You have to make gift deed for Income Tax purpose. But making a gift deed does not change the provision. No deduction for father.

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2013 okkk..........thanks a lot

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2013 is daughter's daughter covered in the definition of relative?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 August 2013 Yes covered in (v) above. For details of relation see below link--

https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2013 daughter's daughter not covered sir as per ur list

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 August 2013 Gift from Grandfather (Lineal Ascendent) if exempt. See there is Grandfather.

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