I have withdrawn my PF due to some urgent need. From the sum I want to online transfer 3.5 lakhs each to my father and mother as gift and further fixed deposits in there account . Will it invite any tax on there or my end? Will this come under Income Tax Dept. Scanner?
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Tax on Gifts
Replies (2)
Quick Summary
If you are declaring that the transfer is INCOME so yes it is taxable in the hands of your parents under the Head OS
Provision : as you transfer the whole amount without any consideration > 50,000 then whole of money shall be taxable .
Gift is not taxable if even between family members/blood relation. it will be exempt
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