I am an income tax assessee. I want to gift herRs.10,00,000.
Please clarify whether this amount will attract gift tax ?
If so, at which end I. e.myself or
my daughter?
Please also clarify by which mode I have to transfer?
R.Narayanasamy
7 Replies
vishal
(na)
(175 Points)
Replied 11 December 2018
cash gift to daughter is not taxable. use banking channel for transfer of cash.
Charan Raju
(Manager)
(132 Points)
Replied 11 December 2018
Hey,
There will not be any tax applicable in this transaction
Bharat Bohra
(154 Points)
Replied 11 December 2018
Not taxable
under 2 situations:-
1. any Gift from received from relative is exempt
2. Gift received on the occasion of marriage from any person is exempt
hence since it is received from father (i.e, relative ) is exempt
under 2 situations:-
1. any Gift from received from relative is exempt
2. Gift received on the occasion of marriage from any person is exempt
hence since it is received from father (i.e, relative ) is exempt
CA Nikhil Arora
(Chartered Accountant)
(91 Points)
Replied 11 December 2018
Although cash gift is exempt on the occasion of marriage or to the relative. But it will attract the penalty u/s 269ST of 100 % of the amount reced in cash in excess of Rs. 2lakhs.
Also keep in mind the provisions of Sec 269ST read with section 269DA while making the gift in cash.
CA. Mayur M. Mamtora
(Chartered Accountant)
(162 Points)
Replied 12 December 2018
Gift to Relative is exempt under Income Tax
Relative includes Daughter
Hence in your case, gift to your daughter will be exempt. However it is advisable to gift using Banking Channel i.e. Account Payee Cheque or Account Payee Bank Draft or ECS only. Also you should make a Gift Deed specifically declaring that this gift is out of natural love and affection and that it is irrevocable and that you reserve no claim on said gifted amount.
Should not gift in cash as the provisions of S. 269ST will be attracted for amount in excess of Rs. 2,00,000/- and could attract penalty to receiver.
Recent Topics
- Expense consideration
- 5 Reasons You Need to Experience Cait Ye Garba Thi
- While filing ITR 1 IN CASE let out property it is
- Regarding LTCG on property where payment is constr
- Tenant rent reflecting wrongly in AIS
- Is Godown construction ITC Eligiblility
- RCM on import service FY 17-18
- PF Registration (MCA)
- Tax RATE on Statues
- LTCG or STCG on sale of property
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
