Gift Tax
This query is : Resolved
CA Ankit Verma
(Querist)
27 February 2009
1) If I wanna gift Rs. 100000 to my mom will I have to pay any gift tax?
2) Will I have to make a gift Document?
3) Do I have to submit such document to avoid my mom from paying tax on it? If yes then where do I have to submit it?
2) Will I have to make a gift Document?
3) Do I have to submit such document to avoid my mom from paying tax on it? If yes then where do I have to submit it?
CA.Tarun Maheshwari
(Expert)
27 February 2009
Gift to Mom is tax free. For safety side, you can make a gift deed for such purpose, but no need to submit it to ant department. Only at the time of assessement, you may be required to furnish such gift deed for proving the genuinity of the transaction.
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