Father Gift to Daughter (Major above 18yr) of Rs.50L cheque So my Q Is
1) Gift income from father is fully Free or not and any limit for gift from father?
2) Gift income amount investment in FD or Loan given to Third Party with interest income. So Interest income is daughter or club in father account?
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Gift Act Query
Replies (1)
1. Gift made of INR 50L by father to daughter is tax free.
2. income earned by daughter with this 50L funds is taxable in the hand of daughter.
no clubbing provision would be apply
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