Menu
Sales of Agriculture land
Sir I have sold my ancestral agriculture land for Rs 14.00 Now I want to give this amount to my son and daughter in law.please guide me can the income tax department has any objection to tfd this amount towards my only son and to his wife if yes please guide me what I do to give this amount to my son and to his wife.Thanks
Replies (3)
You can give this amount by cheque or NEFT, without any tax liability.
Make a gift deed for future need, if any.
Sir if the assessee make a gift by deed in case assessee is liable to pay the gift tax??
No gift tax liability when the amount is received from close relative, as per sec. 56(2)(x) of IT act.
Recent Topics :
- Gift of unlisted shares to friend upon marriage
- Utilising Section 54(F) for capital gains reinvest
- GST ewaybill closure and Bill to ship to GST numbe
- TDS ON PARNTER INTEREST
- Share important chapters of ca inter costing
- Free CA Foundation Study Material - PYQs with Sugg
- INCOME TAX
- Moving from old to new tax regime after notice
- Need urgent help on notice
- ITR-3 - F&O Loss adjusted against business inc
Related Topics :
CAclubindia
