for my few pending query of earlier please suggest:-
1)i have to transfer in which account,to my dad single account or to my dad joint account with me.
2)will my dad have to pay any tax as I am giving this to his account 4.5lks ...as I have money in bank which I am sending has been already taxed and filing return too and got tds refund too.
3)and lastly sir ... all at once i transfer full amount or in 4.5lks now ,4.5lks in next financial year,4.5lks next year like ways I do transfer ,please tell sir so I can proceed in best way.????
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help in how to transfer money to dad account
Replies (8)
1.You can transfer to single or joint as you want
2.Same is not taxable in hands of your father. Also make gift deed.
3. You can transfer either lump sum or in instalment as you want.
If you are transfer through account to account then no need to worry, You can do so
2.Same is not taxable in hands of your father. Also make gift deed.
3. You can transfer either lump sum or in instalment as you want.
If you are transfer through account to account then no need to worry, You can do so
there's no taxability either in the hands of your father or in your hands since you have stated that the transferred money is from disclosed sources. however if any income is generated out of the transferred amount by your father, then the same shall be chargeable to tax in your hands
| Originally posted by : rama krishnan | ||
 |
there's no taxability either in the hands of your father or in your hands since you have stated that the transferred money is from disclosed sources. however if any income is generated out of the transferred amount by your father, then the same shall be chargeable to tax in your hands |  |
NO , no clubbing of income provision applicable in this case...
so father will invest that amount in his name and nominee me in NSC than fine it would then not taxable to me and only income generated will be taxable to him only?
no, whenever any money or property is transferred without any consideration, clubbing provisions will apply. please refer section 64
but I am preparing notarised gift deed to give money to dad than dad want to invest in only his name..than???
even then also, the income generated out of the gifted money will be taxed in your hands. for example, if you gift 1000000 to your father and your father opens fd account and generates 80000 interest income, then this 80000 will be taxed in your hands. if any income generated out this interest income, then that will be taxed in the hands of your father
but if I am giving notarized gift deed to dad now ,as dad investing that amount in NSC and while filing return of dad I am showing income to my dad for that year in other source of 4.5lks which I gave for this year and paying tax for whatever taxable income ,than interest eàrned will be taxable to dad only????
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