Hi Sir or Madam
As a result of bank transactions as there is a joint bank account
A proprietor is liable to his father 50 lacs
will it possible to show that 50 lacs as gift
if so is there any tax or gift tax applicable
Please advise
Thanks in advance
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Gift Tax applicability
Replies (1)
A gift of ₹50 lakhs from a father to his son is not taxable in India. It is considered a gift from a "specified relative" and is fully exempt under the Income Tax Act. To ensure a smooth process, conduct the transfer through the bank and document it with a gift deed.
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