Kuldeep Singh (138 Points)
01 December 20221. If father transfer his agricultural land 40 Lakh amount after sell (which is tax free) from his bank account into son's bank account so will the son have to pay tax on that amount or not ?
2. Any Gift deed required for tax filling purpose ?
3. Should the Gift deed be registered or not ?
4. Even if there is a Will of the father, will there be a need for a gift deed?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(133518 Points)
Replied 01 December 2022
1. If gifted, no tax liability on son.
2. Not for ITR filing, but for any query in future.
3. No need of registration in case of bank transfer of funds.
4. Yes, the purpose of both are different.
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