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query

30 January 2019

dad is mon working so can I gift 1400000 to dad should I have to file return for dad as he is not filing uptill now and I had gifted as deed by cheque from savings so fine then if we don't file return of dad.

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11 Replies

jyoti bhagchandani (fresher) (595 Points)
Replied 30 January 2019

since they are non-earning individuals the amount is not liable to any tax.However, he will be liable to pay tax on any income derived from it.

pathak mihir (189 Points)
Replied 30 January 2019

as if income generated above 3lks per year than only?as dad is senior citizen

jyoti bhagchandani (fresher) (595 Points)
Replied 30 January 2019

yes definitely....

pathak mihir (189 Points)
Replied 30 January 2019

Q1.but I no need to file return of dad??? till that much interest not reached or still I have to file?
Q2.amount which I transfer 14lkhs that is not income so no need to show any where na?.

jyoti bhagchandani (fresher) (595 Points)
Replied 30 January 2019

1. it is on your option you file the return or not till that much income is received. however, you should file return every year.

2. you need not show it anywhere.

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 30 January 2019

the amount of 14 lacs will be exempted in the hands of your father but the income derived out of 14 lacs will be clubbed in your hands under section 64(iv)

1 Like

pathak mihir (189 Points)
Replied 31 January 2019

but if dad only make investment in only his name and nominee me than?

S C Bichhawat (Proprietor) (31 Points)
Replied 31 January 2019

section 64 (1) (iv) is applicable for spouse. no clubbing in case of income earned by Dad

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 31 January 2019

Sorry it's not 64(iv) but it's 64(vii) & (vii)

pathak mihir (189 Points)
Replied 31 January 2019

I didn't get,
Clubbing of income or only dad income will reflect there ? just want to know that.

Z ( ) (2960 Points)
Replied 01 February 2019

Originally posted by : RAMAKRISHNAN R
	Sorry it's not 64(iv) but it's 64(vii) & (vii)

DIdn't get you

S.64(1)-

(vii) to any person or association of persons from assets transferred directly or indirectly otherwise than for adequate consideration to the person or association of persons by such individual, to the extent to which the income from such assets is for the immediate or deferred benefit of his or her spouse ; and

(viii) to any person or association of persons from assets transferred directly or indirectly on or after the 1st day of June, 1973, otherwise than for adequate consideration, to the person or association of persons by such individual, to the extent to which the income from such assets is for the immediate or deferred benefit of his son's wife.