Is the amount / money transferred by father to his son is taxable , if its a big amount.?
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Amount transferred by father to son is taxable or not
Replies (3)
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
In addition to above , It's better to prepare legal Gift Deed . it's highly recommended .
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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