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.
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Cash gift received by the married daughter from his father
Replies (15)
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
Hii,
Cash gift received from father is not taxable in any circumstances. please refer section. 56.
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,
Not to be clubbed as daughter is not minor here. We cannot treat this under sec 64. Regards
The int income wil be taxable to daughter's income tax return as that will be her income under income from other sources.
i agree with the above discussion
If the amount is large, gift deed has to be prepared.
Any gift received from relatives are exempt without any limit..
Gift frm father a/c Dr.
To capital of receiver.
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.
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.
I agree with above discussion
but we need to prepare giftdeed whether amount is small or large
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.
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.
| Originally posted by : M.com,CS,CA F Tushar Sampat | ||
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The int income wil be taxable to daughter's income tax return as that will be her income under income from other sources. |  |
Respected Sir,
Please let me know what is the limit of cash gift from daughter to her father.
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