Is gift given by mother to son attract any tax liability?

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CA Vinay Dixit (Querist)
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04 August 2018 Hi all,
if mother give rs. 500,000 in cash to son as a gift, then can it attract any income tax ? do mother has to prepare Gift deed? if this transaction liable to tax then how to save income tax liability.

Regards

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 August 2018 there is no tax impact. you should document it. However, gift deed is not required for movable property. But ensure that the mother has legitimate records of where this cash came from

CA Vinay Dixit

CA Vinay Dixit (Querist)
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04 August 2018 mother is giving gift from saving from bank. mother is employed in some company.do we require to prepare Gift Deed? do we need to register gift Deed?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 August 2018 already answered above....plus if the gift is from saving bank account, then it is not called gifting cash.

CA Vinay Dixit

CA Vinay Dixit (Querist)
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04 August 2018 but is gift from mother to son taxable in the hand of recipient(i.e.)? as son is also earning income form salary

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 August 2018 as said. already answered above.

CA Vinay Dixit

CA Vinay Dixit (Querist)
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04 August 2018 i think gift deed is required for this transaction. do we require to register Gift Deed for this transaction?