Releted to tax exemption

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This query is : Resolved

lekhak agarwal (Querist)

10 June 2015 respected sir,

if any parents give cash gift to their son 50,000/- each and the son have no other income than what will be the tax liability of son and is the same amount is chargeable to tax for the parents? please give me suggestion for the same.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

10 June 2015 No. Gift received from father is exempt from tax. No Tax Implication for either father or son. Just get a gift deed executed for record.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi)

lekhak agarwal

lekhak agarwal (Querist)

11 June 2015 RESPECTED SIR,
WHAT WILL BE THE TAX LIABILITY IF WE GIVE THE CASH GIFT TO SON WITHOUT BANK TRANSACTION AND WITHOUT EXECUTION OF THE DEEDS...