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Taxa liability on gift

This query is : Resolved 
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(Querist)
26 August 2012 When father gift some handsome amount of money to a daughter after marriage of one month, is it taxable in the hands of daughter. Further after some days father requires some money on urgency and he takes back the same amount of money as loan from daughter wheather that amount is taxable on any hand.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
26 August 2012 Gift given by a father to his daughter(married/unmarried) will fall under the category of gifts from relatives. Gifts from relatives is exempt. So, neither the daughter nor the father needs to pay tax.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
26 August 2012 And if the father takes a loan, the same as it is will not be taxable in daughter's hands. However, any interest received on such loan will be taxable in her hands
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SANYAM ARORA

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SANYAM ARORA (Expert)
26 August 2012 It will not be taxable under both the Hands
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