I wish to cash gift my daughter through cheque/Bank transfer. Is it taxable in her/my hands? Please advice.
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Replies (6)
No it is not taxable in her/your hands.
Hope the daughter is major.
Gift to relative is not taxable
However, in case of any scrutiny from I T dept, one should make & reg. gift deed as as proof that it is not advance given....
as from 23/24 onwards if advances given will have to be reported in itr
as from 23/24 onwards if advances given will have to be reported in itr
Instead of gift , pay the amount as salary for the house hold help
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