Gift to son
This query is : Resolved
31 January 2011
whether A father can gift to his son who studying in Eng.college & any maximum limit is there so far Gift is cncerned.
Further whether a HUF (Karta) can gift to his son as member of Family & the same is exempt from Tax or not.
Moreover For Above said Gift Transactions of Rs 51000/- only Gift deed on Stamp paper of Rs.100/- is sufficient or same needs to be notorized.
Please clarify.
Further whether a HUF (Karta) can gift to his son as member of Family & the same is exempt from Tax or not.
Moreover For Above said Gift Transactions of Rs 51000/- only Gift deed on Stamp paper of Rs.100/- is sufficient or same needs to be notorized.
Please clarify.
31 January 2011
A father can gift any amount to son without attracting Gift Tax.
Gift received from HUF to Coparcener is not taxable to the extent of Rs 50000/- in a financial year.
Yes 100/- Stamp Paper is sufficient and it would be better if you notarised Gift Declaration
Gift received from HUF to Coparcener is not taxable to the extent of Rs 50000/- in a financial year.
Yes 100/- Stamp Paper is sufficient and it would be better if you notarised Gift Declaration
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