Gift to daughter from father exempt ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2012 Assests created from these funds is houseproperty any rights of father or brothers in future? any tax liabilty for donor or donee arises from this transction?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 June 2012 I suppose the father gifted CASH to his daughter who then purchased a house property from such cash.

The tax implication shall be as under:

1. The gift received by the daughter is NOT TAXABLE in her hands by virtue of Section 56(2)(vii).

2. If at the time of making the gift, the daughter was a minor, then income from such gift shall be clubbed in the hands of the father.

3. If the daughter was a minor at the time of gift, then there will be NO CLUBBING.

4. The father and the brothers DO NOT HAVE ANY RIGHT in the house property purchased by the daughter.

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