Kuldeep Singh (209 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.)
(193931 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.
Kuldeep Singh
(209 Points)
Replied 09 May 2025
| Originally posted by : Dhirajlal Rambhia | ||
 |
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. |
 |
1. If not gifted through gift deed but simply father transfer from own bank account to my bank account, will still have any tax liability on me ?
Kuldeep Singh
(209 Points)
Replied 09 May 2025
| Originally posted by : Dhirajlal Rambhia | ||
|
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. |
|
1. If not gifted through gift deed but simply father transfer from own bank account to my bank account, will still have any tax liability on me ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193931 Points)
Replied 09 May 2025
Unless purpose of transfer is not specified, the tax liability cannot be ascertained.
Kuldeep Singh
(209 Points)
Replied 10 May 2025
| Originally posted by : Dhirajlal Rambhia | ||
|
Unless purpose of transfer is not specified, the tax liability cannot be ascertained. | |
Right now father is in old age and i am his only child, so he wants to transfer such amount to my bank account by rtgs. Can he not transfer this amount without a gift deed ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193931 Points)
Replied 10 May 2025
Yes, but the transfer been treated as gift...
Kuldeep Singh
(209 Points)
Replied 10 May 2025
| Originally posted by : Dhirajlal Rambhia | ||
|
Yes, but the transfer been treated as gift... | |
You mean to say, in my case gift deed is mandatory.
Smart_Tax_Idea._
(C.A advisor)
(16 Points)
Replied 10 May 2025
Hi Kuldeep ji,
1️⃣ No, the son will not pay tax on ₹40 lakh if it's a genuine gift from the father. Gifts received from a relative (as per Section 56(2)(x)) are exempt from income tax, even if the amount is large.
2️⃣ Gift deed is not mandatory for tax filing if it's from a close relative, but for clarity and legal proof, it's highly recommended.
3️⃣ Registration is not compulsory for movable assets (like money), but it's good practice if the amount is significant — especially for future disputes or scrutiny.
4️⃣ Will and Gift Deed serve different purposes — if the amount is transferred during the father's lifetime, a gift deed is applicable. Will applies post-death.
💡 If you want to avoid confusion and ensure compliance, it’s better to document the gift via a simple deed.
For full guidance and sample gift deed formats, you can check here:
👉 Smart Tax Idea - Gift Deed & Tax Compliance Help
— CA Advisor | Smart Tax Idea
CAclubindia
