Is it taxable income or not ?

Hi Vijay,

First of all, the transaction under query is of suspicious nature.

Your query is not providing clear information.

Give exact answers of following...

Whther cash is withdrawn from father's a/c?  = Y/N

Whether CASH (& not cheque) is given to individual? = Y/N

Whether house is purchased in name of Individual? = Y/N (If no, then mention the owner)

After answering these questions, you would have clarity about the genuineness of the transaction.

In case of confusion, feel free to call.

CA Ashish Joshi

09998001183

Yes, Cash withdraw from father's F.D. a/c

and deposited into saving bank a/c of son

then cheque issued by son's a/c to by a house of sum of Rs. 750,000/-

that amt of cash which is received by father is taxable or not ?

Is it can be Gift ?

Clarify ur question...Whether the payment of Rs.750000/- has been made two times or it is the same????

issued a cheque of Rs. 750,000/-

750000 ki payment 2 baar hui hai?

nahi ek baar hi hui hain

i think it is taxable...

but cash received from father can be treated as gift know ........ and gift recd from relatives is exempt from tax.

no it is not, niether section 56 will apply nor clubbing shall be done

you should execute a gift deed where father is gifting you rs. 7,50,000.  But you have made a mistake in this transaction.

You should not to withdrawl of cash from your father bank account. Else you should transfer this amount to your bank account directly.... then this transaction will be perfect..

Gift Deed you have to make...and Gift from relative is exempt from tax.