Transfer of asset
This query is : Resolved
CA RAJESH B. PATANGE
(Querist)
23 August 2013
Sir,I am salaried person drawing a salary of Rs. 400000/- pa. I want to t/f Cash Rs 200000/- to my mother who is housewife having no any source of income and she is gong to utilize the cash for investing in F.Ds so i want to know that what is tax treatment?
CA PARAS BAFNA
(Expert)
23 August 2013
Your mother is going to open a bank account if she is not having. In stead of cash I will request you to transfer the amount by cheque and show the amount as gift.
.
Tax will be taxable in your mother's hand. Also apply for her PAN Card.
.
.
Tax will be taxable in your mother's hand. Also apply for her PAN Card.
.
CA RAJESH B. PATANGE
(Querist)
24 August 2013
Thank Your Sir for response.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
