gift

This query is : Resolved

Prakash Rao (Querist)
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30 September 2017 Pl clarify the following any gift 30 lacs from father to daughter is taxable or not any gift 30 lacs from sister to sister is taxable or not and also we assume that the sane amount has been kept in fixed deposit what iz inconetax treatment

RAJA P M

RAJA P M (Expert)
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01 October 2017 Yes... Gift to relatives (blood) is excempted in IT... Prepare Gift deed... It's helpful in future reference...

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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01 October 2017 Gift to relative is exempted. So in both case no tax attracted. Also made gift deed on stamp paper for legality of transaction.

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Amol S Joglekar

Amol S Joglekar (Expert)
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01 October 2017 father to daughter
sister to sister
Gift is exempt.
Interest on fixed deposit of such gift is subject to CLUBBING provisions under section 64. Please go through the same