Rajesh (dddfs) 22 June 2011
Dear IT Practioners,
What is the tax liability on a cash gift by a mother to her married daughter, considering that the mother's source of income is proofed through IT returns( assessee) every year. The daughter is not an IT assessee.
Kindly let me know. Is it required to write a deed for this purpose?
Thanks
ramesh
piyush sharma (Lawyer) 22 June 2011
Mr. Rajesh kindly see https://www.taxpointindia.com/tlclubbing.html. May be that could provide information you are looking for.
Shayan Khan (B.com) 24 June 2011
it has been excluded from the taxability of gift under sec 56(2)(iv). the amount recived by the daughter is not taxable... so dont worry.
Ca Atul (Partner ) 25 June 2011
As far as gift deed is concerned, In my opinion it is always better to have the things in writing. Get the gift deed prepared.
Amit Soni (Proprietor) 25 June 2011
Dear Rajesh,
There is no IT on gifts made in blood relation. And it will be better to make a gift deed and please check cash account of the donor whether you have sufficient balance to gitf the amount or not.
Amit
M.V.GIRI (ADVOCATE & TAX CONSULTANT) 26 June 2011
I agree with mr. Amit Soni
Rajesh (dddfs) 06 July 2011
Dear Friends
Thank you once again very much to all of you for your comments. Special thanks to Piyush Sharma.
Regards
Rajesh
Member Strength 9,46,613 and growing..
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
