Gift to daughter

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Tapan Bose (Querist)
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30 January 2017 My client transferred Rs 700000/- to her daughter a/c in the yr 2012. No gift deed made & daughter has not filed return. Now to file return what is to be done. Is the gifted amount will be treated as exempt income

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 January 2017 No gift deed required for ac transfer. The gifted amount is exempted from tax no need to file any return for this transfer.

Tapan Bose

Tapan Bose (Querist)
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31 January 2017 Is IT Dept may ask source. Of the money in future from my client's daughter.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 January 2017 Have copy of bank ac, the copy of bank ac may be given to IT dept if they ask for source.No problem will arise in future being transfer of money through bank.

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Gift to daughter

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