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Amount transferred by father to son is taxable or not

Tax queries 686 views 3 replies
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CA
47 Points Joined October 2012

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
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Chartered Accountant
533 Points Joined June 2008
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
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On 26 April 2022 at 23:48
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GST Practitioner & Accounts
15083 Points Joined March 2014
In addition to above , It's better to prepare legal Gift Deed . it's highly recommended .
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On 27 April 2022 at 07:56
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tax consultant
3306 Points Joined October 2018
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.
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On 27 April 2022 at 19:43

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