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CA SWETA (Partner)     31 March 2010

Gift in cash from daughter to her father after marriage

what is the tax implication of csah gifted from daughter to her father after marriage.

Both in daughter and father books.



 6 Replies

Dhawal Mohnot

Dhawal Mohnot (Practicing)     31 March 2010

it is tax free... Since its a blood relation ... In the fathers book it would be a capital outflow and in Daughters book it ll be treated as a capital receipt. Gift Deed to be made on a stamp paper depending on the value of the gift.

CA SWETA

CA SWETA (Partner)     31 March 2010

I am talking about gift given by daughter to her father...so how it can be capital receipt for daughter...also kindly tell me the relevant section where the same has been written

Dhawal Mohnot

Dhawal Mohnot (Practicing)     31 March 2010

It would be the opposite of what i said .. Capital outflow for the daughter and Receipt for Dad  .. (Generally it happens vice versa so failed to read in between the lines) . Refer  Sec 56 of the IT act.

Ayushraj

Ayushraj (Professional)     31 March 2010

The said Gift is Tax free. But you have specified that the gift is in Cash.

Depending upon the amount of Cash Gift, Please note that this may amount to srcutiny as to the source of Cash.

Read the provisions sections 68 to 69C of unexplained expenditure and cash credits.


(Guest)
Originally posted by : Ayushraj

The said Gift is Tax free. But you have specified that the gift is in Cash.

Depending upon the amount of Cash Gift, Please note that this may amount to srcutiny as to the source of Cash.

Read the provisions sections 68 to 69C of unexplained expenditure and cash credits.
H V Patel

H V Patel (Job, Business)     28 July 2011

IF FATHER OR MOTHER GIVES GIFT IN CASH (THROUGH ONLINE BANK TRANSFER) TO HIS/HER MARRIED DAUGHTER MORE THAN RS. 50,000/-, BECAUSE MARRIED DAUGHTER WANTS TO BUY OWN HOME.

IS ANY TAX RULES APPLICABLE HERE ?, IF YES WHAT IS LIMIT OF TAX FREE HERE?

PLEASE EXPLAIN

Thanks a Lot in Advance.


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