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Tax issues / filing returns for Gift received (Ten lakhs)

Tax queries 225 views 9 replies

Apparent Crux

3 Points Joined September 2022

I'm a housewife with PAN card and haven't filed returns till date, (as i dont qualify by any case)

My father's Fixed deposit is maturing shortly and he plans to park the maturing amount (Ten lakhs and a few hundreds) in my savings bank account for a year or so, before dispersing it to my siblings.

Will this act of parking funds in my bank account and dispersing the amount to my siblings attract income tax on me or qualify me to file income tax returns ?

Thanks in advance for replying in kind

Replies (9)

CA Aakarsh Jain

10431 Points Joined March 2019

No requirement of filing ITR.

CA Rashmi Gandhi

Chartered Accountant

86500 Points Joined April 2011

No filing required as amount is in nature of gift and It is completely exempted

veerendar singh

tax consultant

3306 Points Joined October 2018

Technically you are not mandated to file itr.
but i would nevertheless recommend you to file your itr

1) to be on the safer side....prepair a gift deed.
2) Int on 10 lakhs when trf to daughter, & if exceeds taxable limit income on int will be taxable ( subject to incometax rules for taxable income limit) to daughter.
3) when mother trf. to siblings. better to prepair gift deed again.
( gift deed to be prepared to prove it is not loan or advance) .
4) fd when trf to siblings. int accrued on such fd will be taxed in hands of siblings ( subject to Inc tax act on taxable inc limit)