yes it is not taxable
Chinnu Raj
(CA Final Student B.Com)
(1067 Points)
Replied 02 August 2013
If Rs.2,00,000/- is given by daughter to his father how it will be taxable again in the hands of father???As per my knowledge is concerned the father's income at last will be only Rs.2,25,000 only..........
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 02 August 2013
no it is not taxable,any gift given to the following persons(relatives) will not be taxable
relaTive for this purpose is
SPOUSE OF THE INDIVIDUAL
BROTHER OR SISTER OF THE INDIVIDUAL
BROTHER OR SISTER OF SPOUSE OF THE INDIVIDUAL
BROTHER OR SISTER OF EITHER OF THE PARENTS OF INDIVIDUAL AND SPOUSE
ANY LINIAL ASCENDANT OR DESCENDANT OF THE INDIVIDUAL
ANY LINIAL ASCENDANT OT DESCENDANT OF THE SPOUSE OF THE INDIVIDUAL
SPOUSES OF ALL THE ABOVE MENTIONED
nands
(mgr)
(21 Points)
Replied 03 August 2013
HARISH
(Student CA IPC / IPCC)
(22 Points)
Replied 03 August 2013
NO,ANY GIFT GIVEN T O FATHER IS EXEMPT.FURTHUR NO DEDUCTION SHALL BE AVAILABLE TO YOU FOR SUCH GIFT
HARISH
(Student CA IPC / IPCC)
(22 Points)
Replied 03 August 2013
NO,ANY GIFT GIVEN T O FATHER IS EXEMPT.FURTHUR NO DEDUCTION SHALL BE AVAILABLE TO YOU FOR SUCH GIFT
ABBASALI GULAMHAIDER NANDOLIYA
(Student CA Final )
(26 Points)
Replied 03 August 2013
In the books of father - 200000 is exempt
In the books of daughter - 200000 is taxable
In A.Y. 2013-14
Money earned by duughter is not taxable as it on or below basic exemption limit.
Abbasali
Chinnu Raj
(CA Final Student B.Com)
(1067 Points)
Replied 03 August 2013
Hey friend,you can give whatever amount you want to your father because it wont be taxable.As you have gained an amount by selling a Capital asset and the amount generated from that will be your Capital gain and you have to pay the tax accordingly...
Aakash Jha
(Others)
(50 Points)
Replied 04 August 2013
Hello Guru's
1. > when filling the ITR-1 , under which head this will be put (i mean 80c, d,etc..) ?
2.> I have transfred from my account to my relative (Spouse, father, brother, brother in law) account , is it considered as Gift ?
Please reply
Regards
Aakash Jha
CAclubindia
