Dhawal Mohnot
(Practicing)
(449 Points)
Replied 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
(Partner)
(61 Points)
Replied 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
(Practicing)
(449 Points)
Replied 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
(Professional)
(125 Points)
Replied 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.
| 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. |
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H V Patel
(Job, Business)
(99 Points)
Replied 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.
CAclubindia
