I have given rs. 2,00,000/- as gift to my dad

It is not taxable.

Gift given to relative is exempt under Income tax act in the hands of receipient of gift irrespective of amount of gift,father come under category of relative

but u can not claim this gift as expense while calculating income tax liability similarly ur father need not to consider gift amount as income while calculating income tax liability,but any income arise from investment out of such gift money will be clubbed in ur income

gift to relative is not taxable.

Dear kailash ji,

there is a relative definition in IT ACT. dad is covered in that relative definition......so any amount  paid to dad is not taxable according to income tax act.... and hence no tax is on Rs200000........

regards,

Keep documents on the transfer of Rs. 200,000/- to your father. U/s 68 allows IT to be suspiscious of these transactions and demands a documentary proof and if need be, the source of this amount.

Yes, it is not taxable.

Dear members....would the above answer be same if instead of cash it was immovable property?? Sorry for adding this query in above question ....

@ Gitika

One is required to prepare a gift deed duly stamped and registered in order to gift an immovable property. This gift deed can be submitted to the society. The gift deed is required to be expressly acknowledged the receipt of the gift by the donee. However, gift deed is not absolute, which means that if there are other legal heirs, they can contest this gift deed, therefore, if there are other legal heirs, their no-objection certificate is to be submitted after determining the list of legal heirs for which succession certificate is necessary. 

gift to relative is not taxable

                        Gift given to father,mother,sister,brother,or any other relative there would be no tax.So in your case nothing would be taxable

Here gift include Immovable property Given for NIL consideration

so even immovable property gifted shall not be taxable in the hands of Receipient

As per Proviso to Sec. 56(2)(vii) Gift to Relative is not Taxable.Further as per Explanation to Sec. Relative includes Father. Hence gift to father not taxable in the hands of your father. However, it is pertinent to note that the said amount will not be allowed as expenditure in computing your Total Income.

Further, coming to the provisions of Clubbing of Income (Sec. 60-65) arising out of Investment of said money, please note that Clubbing Provisions are not applicable on the relation of  Son and Father. It is applicable on relation of Spouse, Son's wife, minor child. Hence contrary to the view expressed by  Nuli, income arising from said Rs. 2,00,000/- will not be clubbed in your income and will be taxable in the hands of your father.

Dear All,

Thanks for your Reply..

as per my Information about Gift Income to Father below will be Tax Effect.

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Daughter Annual Income = 5,50,000/-

Income Tax will be applicable on Full Amount i.e. Rs. 5,50,000/-

Father Income Rs. 4,25,000/-

Less:- out of Rs. 4,25,000/- Rs. 2,00,000/- was Gift from Daughter

So Fathers Taxable Income will be Rs. 4,25,000/-

Income Tax will be Calculated on Rs. 4,25,000/-

Note:- for the Gift Transaction Need to Make Gift Deed on Stamp paper.  

Is this Way Will be right…

Kailash Dangade