Query on gift to parents

483 views 5 replies

I'm an adult salaried person and my mother is a housewife. I want to gift INR XX to my mother and she will then fix the amount in a FD. Do I need to club the interest of FD with my income and do I or my mother need to pay tax for this?

My mother has a valid PAN but total income from different FD is less than 50K.

Also, please suggest if there any upper limit of the gift amount.

Replies (5)

There is no upper limit for for gift amount.....

but there is limit for gift of immovable property.......

it should not exceed Rs.50000/-

TDS will be deducted if Interest of Fixed Deposite exceeds 10000/- at the rate of 10%

There will be no tax imlications for your mother or you because gift received from relatives is exempt and no clubbing provisions will be applicable in this type of transaction.

Agreed with the answer of Abhishek sir.

This will be tax from relatives so no tax and no clubbing of income.

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