Income tax
sneha
(Querist) 31 August 2013
This query is : Resolved
Hi,
My mother has recently sold a plot and gave me 20Lakh as gift in the form of cash, which is been deposited in my account.
Iam a working girl earning a salary of 5.6lakh per annum.
Out of the whole money i have utilized 3Lac for booking a flat in my name. and will be taking an home loan shorthly for 30 lac.
please advise me on:
quest 1: what will be the Tax obligations for me in this case
quest 2: what documents or kind of investments if i do,i can save my tax
quest 3: where do i need to declare this investment all the set of transactions !!!!
Anirudh
(Expert) 01 September 2013
1. It is not clear why your mother gave such a huge amount of Rs. 20 lakhs to you in CASH? If she had received the sale consideration of the plot which she sold, naturally she would have got it in cheque and not cash.
2. Since the amount was given by your mother to you as a gift, it does not attract any income tax. Hope your mother has worked out her Capital Gains Tax arising out of the sale of plot, and had paid the same. Otherwise that will be a problem in the hands of your mother.
3. In regard to Questions 1, 2 and 3 of yours, I have to clarify that there are no tax implications on you, for the simple reason these are expenditures in your hands and not income.
Rajendra K Goyal
(Expert) 01 September 2013
You hare under no tax liability for the gift received from your mother.
