Taxability on Gift to Daughter

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In India, there is currently no gift tax. According to Section 56(2)(x) of the Income Tax Act, gifts given by a father to his daughter are not subject to income tax, as they are considered relatives. Therefore, gifting Rs 30 lacs from a father to his unmarried daughter would not incur any tax liability.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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12 April 2022 Dear Sir,

If a father wants to Gift an amount to an unmarried daughter both in India of around Rs. 30 lacs, will that be taxable. Will there any Gift tax on it.

Please help me in this matter.

Regards,
Divyesh Jain

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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12 April 2022 As of now there is no Gift tax.
AS per sec 56(2)(x) of IT act, father being relative to daughter, there will not be IT over any amount gifted by father to his daughter.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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13 April 2022 Thank you Sir for your valuable response.

CA Puja Sharma

CA Puja Sharma (Expert)
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13 April 2022 No there is no tax on a gift from relatives.
Father-daughter relationship comes under the definition of relative mentioned under the Income Tax Act, 1961

DIVYESH JAIN

DIVYESH JAIN (Querist)
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14 April 2022 Thanks for your reply

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