Gift to a relative
This query is : Resolved
Rabnoor Singh Khanna
(Querist)
30 November 2010
Can a father give his son gift of Rs 1 Cr & vice versa. What will be the taxability of this transaction. What documents is required in this case.
AMAN Gupta
(Expert)
30 November 2010
Ya. Father and Son can give and receive any amount of gift between themselves. There will be no tax as it comes under exceptions of sec. 56 GIFT FROM RELATIVE. A gift deed can be made. But. for income tax purposes, even it is also not necessary. Just a proof of payment is sufficient like Payment made through Bank etc.
CA.ViVeK M ACA
(Expert)
30 November 2010
No Tax is levied where the gift transaction is made between father and son
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