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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.
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