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Father Gift to Daughters

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(Querist)
23 March 2021 Pensioner father gift to daughters Rs 615000/- transfer to Bank account this is exempted or taxable
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 March 2021 This is gift to relative exempt from income tax.
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CA CMA CS Ram Pavan Kumar Melam

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CA CMA CS Ram Pavan Kumar Melam (Expert)
24 March 2021 Transfer of any amount by a person to his/her relative (within the definition as per Income Tax Act - Section 2 (41)) is not taxable u/s 56. However, make a record of it by executing a small GIFT DEED. The gift deed can either in the form of a letter with a revenue stamp or on a stamp paper.
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