Gift from daughter
If an assessee received an amount as gift (no gift deed)USD8000.00 on his visit to USA from his daughter who is working at USA. After returning back to India he exchanged the USD to INR and deposited the same in his bank account. What will be tax treatment in the hands of asssessee as there is no gift deed.
Replies (5)
I have two girls, ages 6 and 11, both in a school for bright and talented students, where I am also a subject expert teacher so I see these kinds of children all day long, every day. I never take time for Write My Term Paper because of my Childs.
Dear Sir...it is not considered as a income because that has been taken from your daughter(relative as per income tax act)...any gift received from relative is not taxable...
A question will be raised by the department regarding that amount. You have to show the proofs I.e.Returns of your daughter in us, bank statement of yourself and your daughter's which shows that trabsaction amount. No need of gift deed.
Kindly ensure that the next time you receive any such amount, ask her to transfer it through banking channels to avoid any such problems.
CASH TRANSACTION ARE ALWAYS OPEN FOR DEBATE . TRY AVOIDING THEM.
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