Sheryl Aggarwal (GM) 14 July 2012

Taking back gifted money from daughter in next financial yr.

I had gifted Rs 10 Lacs to my daughter ( above 18 years & annual income less than 1L ) during financial year 2011 – 12 . I will need this money back during financial year 2012-13 . My income is always taxable . I want to know what will be my liability in such case ?

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4 Replies

Anish Thakur 7018812737 (advocate) 14 July 2012

if you had paid tx already on that amont then you have not to pay it again in this financial year if you take this back .you only have to cover the gap of tax slab you paid last year on that amont

Sheryl Aggarwal (GM) 14 July 2012

Originally posted by : Anish Thakur 9459321520
	if you had paid tx already on that amont then you have not to pay it again in this financial year if you take this back .you only have to cover the gap of tax slab you paid last year on that amont

Thanks , yes tax was already paid by me on gifted amount .

please clarify your below statement..

you only have to cover the gap of tax slab you paid last year on that amont

A V Vishal (Advocate) 14 July 2012

THERE IS NO TAX LIABILITY.

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R RAJAGOPALAN (ADVOCATE) 17 August 2012

Your daughter can gift you the amount.There will not be any tax liability under S 56(2)(vii) of the Income Tax Act 1961, on the transaction as you are receiving the gift from your lineal descendant.