I have withdrawn my PF due to some urgent need.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)
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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