Money Gift
This query is : Resolved
25 March 2021
My father , mother and sister want to gift me money every year for supporting me in my business , i am income tax assese (My Firm books is audited every year by my ca )
and they all are also , 1)
is which money they gift me is taxable or not ?
2)
is these banking transactions are attract to fix scrutiny cases ?
Kindly clear my these 2 points
and they all are also , 1)
is which money they gift me is taxable or not ?
2)
is these banking transactions are attract to fix scrutiny cases ?
Kindly clear my these 2 points
25 March 2021
1 No tax payable on such gifts through bank.
2 Bank transaction will not attract scrutiny.
2 Bank transaction will not attract scrutiny.
Message likes :
2 times
25 March 2021
My advisors says to pay interest on these amount as unsecured loan but this is bothering me ?
25 March 2021
No interest payable on such gifts.
Message likes :
1 times
25 March 2021
Is Husband gift Money to Wife Or wife gift money to Husband in both situation income tax is applicable or not ? and standing unsecured loan is applicable or not in Husband wife case ?
26 March 2021
Is Husband gift Money to Wife Or wife gift money to Husband in both situation income tax is applicable or not ? and standing unsecured loan is applicable or not in Husband wife case ?
26 March 2021
In both situation income tax not applicable.
Un secured loan income tax not applicable.
Income earned from such gifts taxable in the hands of husband/wife who made the gift.
Un secured loan income tax not applicable.
Income earned from such gifts taxable in the hands of husband/wife who made the gift.
Message likes :
1 times
26 March 2021
I use this gifted money from my husband in my business so now generated income tax from my profit is taxable sir , this is the meaning of your words sir , am I right sir ?
26 March 2021
It's clubbing provisions. Gift is not taxable. If you put gifted amount in FD and earn interest. That interest is taxable in the hands of donor
26 March 2021
Gift is not taxable I understand this by the help of you, but If i am not putting gifted amount in FD and use gifted amount in my business working capital or in infrastructure then I am liable to pay income tax on my profit of business?
26 March 2021
In such a case clubbing provisions not applicable as profit earned not on such investment not acertainable.
26 March 2021
It means earned income from gifted money business is taxable for me only and not to give any share means profit to gifted money person ?
27 March 2021
Yes, income from business s based on your efforts you earned money.
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