help how to transfer amount to dad account

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Please resolve my pending query of earlier question to proceed so I had repeated that question for previous conversation.

and as gift deed made only notarised not registered so if I would not considered my given amount of 4.5 lacks rs as dad income while ITR returning of dad than???? interest earned made on dad name NSC taken will also be taxable to dad only or me ??
Replies (12)
If you have gifted any amount to your father then it will not be taxable in your dad's income.. It is exempt.. Interest from NSC will be considered as your's dad income..
it will be not taxable to me
No, not taxable to you..
Q1.and I am not making register gift deed only notarised gift deed but I have purchase stamp paper 100rs but not yet notarized so is it fine I notarized after transfer or I have to notarised before transfer?????

Q2. if I am transferring amount to dad ,dad want to invest in NSC so dad will get benefit of 80c deduction of 150000 and if other than this on same financial year I am also making NSC other than dad account single of mine of 50000 RS so even I also get benefit under 80c of RS 50000????
please help and answer with these above two question as I need to know perfectly sir.

A1. You should get notarized gift deed before transfer of funds.

A2. You both will get benefit of 80C of your respective investments.

My dad has turned To 60 years of age on 16july 2018 as born on 16 July 1958 and so I am investing amount in 4.5 lks inJanuary 2019 & 4.5 lks in April 2019 and will be fileling dad return on May 2019..so dad will be calculated under senior citizen or not?????
Yes as he is already completed 60 yrs of age on 16.07.2018..
so if I file return in may 2019 he will be calculated nil upto 3,00,000 RS slab ????if they calculate financial year April 2018 to march 2019?? in may 2019 filing return?
Yes slab rate of Rs. 3 lacs is applicable..
lastly sir :will there be any enquiry or question from "IT" that why you have send 4.5 lakhs to dad in Jan 2019,than 4.5 in April 2019 and than 3.5 in April 2020???3 times ??? as dad not earning anything..???
You can send any amount to your father as a gift.. Gift is legal in Income Tax.
but as it's not registered only notarized gift deed in 100rs stamp paper only..before transfer I will make...and Touchwood enquiry don't come as I am doing all good only ...but suppose enquiry in case comes what answer I give to solve all ????


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