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Amount transferred by father to son is taxable or not

Tax queries 705 views 3 replies
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CA
47 Points Posted on 26 April 2022

Is the amount / money transferred by father to his son is taxable , if its a big amount.?

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On 26 April 2022 at 23:14 Report
Replies (3)
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Chartered Accountant
533 Points Posted on 26 April 2022
No..gift to specified relatives is exempt.. avoid cash gifts if gift is more than 2 lakhs..if its transferred through bank account not taxable no tax implications
1 Reply
On 26 April 2022 at 23:48
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GST Practitioner & Accounts
15093 Points Posted on 27 April 2022
In addition to above , It's better to prepare legal Gift Deed . it's highly recommended .
24 Reply
On 27 April 2022 at 07:56
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tax consultant
3306 Points Posted on 27 April 2022
If u gift to ur minor child then the tax on income from such gifted property will come back to you like a boomerang and hit you on the head.
9 Reply
On 27 April 2022 at 19:43


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