Money gift

264 views 3 replies

Dear Members

I have Rs. 7 lakh balance in my saving account which is my earnings for FY 18-19.

I need Rs. 13 lakh to make payment to a builder.

My dad can break his FD of Rs. 6 lakh and deposit the amount in my account bringing my savings account balance to 13 lakh from which i can then make payment to builder.

My question is will this Rs. 6 lakh will be treated as gift by my father to me and not taxable in my hands.

Will i get income tax notice?

Please guide.

regards

shivani

Replies (3)
Not taxable at all.

Another important point, if you want to claim the tax exemption on the gifts, please make sure that you have the gift deed format executed and who is gifting signed on the papers. Without that the gift laws are not valid for claiming the exemptions.

No, it is not taxable. Also, there is no need for any gift deed.

no need to prepare gift deed since relatives


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