Tax on Gifts

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9 Points Posted on 11 July 2020

I have withdrawn my PF due to some urgent need.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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On 11 July 2020 at 03:09 Report
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Quick Summary
This discussion addresses the tax implications of gifting money to parents. While gifts between close relatives are generally exempt from tax in the UK, the content suggests that if the transfer is considered income and exceeds £50,000, it could potentially be taxable in the hands of the recipients. It's advisable to seek professional tax advice for specific circumstances.

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Chartered Accountant
12739 Points Posted on 11 July 2020

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 . 

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On 11 July 2020 at 11:12
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7 Points Posted on 11 July 2020
Gift is not taxable if even between family members/blood relation. it will be exempt
1 Reply
On 11 July 2020 at 14:20

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