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Abhijit Ghosh (Consultant)     13 October 2016

Gift related

Dear Valued Members,

Mr. X received a gift of 2 lakhs from his father by fund transfer and given a certificate to his son Mr. X stating no futher claim in this gift.

After holding this gift money for 3yrs, Mr. X again gifted this money to his wife without any future claim through cheque. Now his wife invested this in Mutual Fund.

Kindly advice is there any tax implication to Mr. X or his wife and income earned from MF will be added to whom.

Thanks in Advance for your valuable advice.



Learning

 5 Replies

Kumar Doab (FIN)     13 October 2016

The gift amongst blood/family relation is free from tax.

The donor may reduce the amount of gift from capitol.

The donee may add in capitol.

The tax may be computed on income.

1 Like

Ms.Usha Kapoor (CEO)     14 October 2016

Your father gifting the money to you  through fund transfer by cheque is completely exempt from tax for  both donor and donee,.  Now the donee after 3years transferring the amount in his name to his wife  through gift and she investing  thefunds in Mutiul  Funds  attracts tax if  she derives any income from mutula funds as income  from other sources in her  total income. I mean this mutual fund income she receives will be added to her total income and liable to tax.If you appreciate  this answer  please click the thank you button  on   this forum.

1 Like

Kumar Doab (FIN)     14 October 2016

Your I Tax counsel shall do the needful.

1 Like

Kumar Doab (FIN)     14 October 2016

------------------------Regret, Posted by oversight.

 

Hence deleted-----------------------

1 Like

adv.bharat @ PUNE (Lawyer)     23 October 2016

Agreed with expert.

1 Like

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