My father, wishes to make a one time monetary gift towards me with amount greater than 3.0Lakh. I am a Group A Central Government employee, is declaration to office sufficient. Also what shall be the tax implications?
P. Venu (Advocate) 25 July 2023
The gift received by the son from his father is beyond the ambit of Conduct Rules. So also, to my knowledge, the gift, as proposed, is of no tax implications.
kavksatyanarayana (subregistrar/supdt.(retired)) 25 July 2023
You may obtain permission from your employer for the gifted amount. Tax may not be implicated.
T. Kalaiselvan, Advocate (Advocate) 25 July 2023
There is no restriction on the same. It would be in your interest to take a written confirmation from your father that he has gifted you the amount. At a later date, if the income-tax officer wants, he can ask you to prove the identity and the capacity of the donor (i.e. your father) to make the gift to you.
This is a transaction between father and son, hence you need not be scared about the central government employee status to accept gift from father, it would be wrong to accept such gifts only from a third party
Sudhir Kumar 02 August 2023
Sorry to disagree partially with the above views
There is no need to seek any permission or give any information if financial transaction is not more than two basic pay.
However if your father is giving you some gift more than two basic pay you have to give an intimation to the Department within one month on prescribed performance there is absolutely any need to apply for prayer permission of the department