Dear Madam/Sir,
I am Vijaykumar from Chennai & looking to create corpus for my Daughters who are now pursuing their college 18+ & do hold their own Pan Cards respectively. I am looking to gift money to their respective bank accounts with an affidavit (Is a simple letter in my named letter pad with my Pan & their Pan number is enough for income tax records). I am an assessee & the gift amount that am planning is Rs 1 or 2 Lakh (every Financial Year) which would be far minimal than the taxable income within their limits. Investing the gifted amount to a long term Mutual Funds. I assume there is no tax part that will be incured on my Daughter's account at this point [I do understand that there will be Capital Gains/Loss on disposal of the Mutual Funds that might happen in the future].
Kindly let me know
- is there any tax implications that might be happening in my Daughter's Pan [given we are not filing returns as they do not come under taxable income factors at present]
- Is simple affidavit with our pan's mentioning with the gift amount & transaction details is enough for Gift Affidavit
is there any other parameter applicable, kindly suggest.
Regards,
Vijay
CAclubindia
