LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Cash gift received by the married daughter from his father

RAMU G (Chartered Accountant) (158 Points)

27 March 2014

Dear All, I am Querry relating to Income tax, Amount of Rs 50 Lacs gifted By father to his married daughter (after 2 years of marriage) is it taxbale in the hands of Daughter.

Reply
Follow
Share

15 Replies

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 27 March 2014

Under section 56(2)(vii) gift can be given to relatives and a married daughter is covered under the definition of relative. Hence non taxable in hands of his daughter. Regards

DINU SUKUMAR (Audit Manager) (176 Points)
Replied 27 March 2014

Hii,

Cash gift received from father is not taxable in any circumstances. please refer section. 56.

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 27 March 2014

Ok. Now if the daughter invests this amount in FDs with banks and earns interest will it be clubbed with father's income and taxed in father's hands. ?

Regards,

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 27 March 2014

Not to be clubbed as daughter is not minor here. We cannot treat this under sec 64. Regards

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 27 March 2014

The int income wil be taxable to daughter's income tax return as that will be her income under income from other sources.

1 Like

CA SUKSHAM ARORA (CA) (569 Points)
Replied 27 March 2014

i agree with the above discussion

Mihir (Wealth Manager) (5293 Points)
Replied 27 March 2014

If the amount is large, gift deed has to be prepared.

1 Like

CA Rajan Rathod (EXPERIENCE) (196 Points)
Replied 27 March 2014

Any gift received from relatives are exempt without any limit.. Gift frm father a/c Dr. To capital of receiver.

Saptarshi Coomar (student) (32 Points)
Replied 27 March 2014

The gift so received by the daughter shall be exempted and if any income further arises from such gift then the same shall not be clubbed and duly included in her ITR.

lalith kataria (CA) (56 Points)
Replied 27 March 2014

Will gift received from husband Rs.50 Lakhs taxable in the hands of husband. If the wife deposits the amount received from husband into Bank Fixed Deposit.

Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2010 Points)
Replied 28 March 2014

I agree with above discussion

but we need to prepare giftdeed whether amount is small or large

vinodkumargupta (proprietor) (115 Points)
Replied 30 March 2014

Dear All, Not all taxable in the hand of the daughter subject to that source of gift to be proofed by her father, if it is proofed gifted amount would be absolute property of the daughter and all earning from gifted amount will be taxable in the hand od daughter.

vinodkumargupta (proprietor) (115 Points)
Replied 30 March 2014

Ankur Choudhary (2 Points)
Replied 25 January 2018

Originally posted by : M.com,CS,CA F Tushar Sampat
	The int income wil be taxable to daughter's income tax return as that will be her income under income from other sources.