Gift to father
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2015
I transfer Rs.100000 from my bank account to my father's bank account by cheque. Kindly know me what is the procedure I have to make for IT Return.
Is it Taxable or not?
I file return of both me(ITR-2) and my father(ITR-4) so what are the effect in both.
Thanks
Is it Taxable or not?
I file return of both me(ITR-2) and my father(ITR-4) so what are the effect in both.
Thanks
06 August 2015
Hi.
Gift to your father will fall under gift to relatives under section 56(2) of the Income tax act. It is neither taxed nor to be anywhere in the Income tax return.
Gift to your father will fall under gift to relatives under section 56(2) of the Income tax act. It is neither taxed nor to be anywhere in the Income tax return.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
