Menu
Gift of 12-13 lacs
Dear all,
I have friend whose mother was working in Govt. service. Now she retired this year and got of 12-13 lacs from her service in Govt job. If she will give that amount to his son by cheque. Is taxable to his son even if she gives as a gift.
Or kindly suggest that his son who will received full amounts. How can his son save tax?
Replies (2)
First of all, why do u want to transfer to son? Because mother being senior citizen (if so) is liable for less tax.
Now coming to your question, since the gift is made to a son (who is a relative), it is not taxable.
Many thanks for quickly reply. Son wants to buy a flat from mother's money. Even then he is not liable to tax and which section? For avail of saving tax, what should we do or procure documents.
Recent Topics :
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
- Query regarding exemption under Section 10(10AA) &
- NPO registered under sec 8 itr filing
- Form 144 (Earlier 27Q) – Reason Code (A/C/G/
- Nps taxation
- Representative assessee
Related Topics :
CAclubindia
