Releted to tax exemption
This query is : Resolved
10 June 2015
respected sir,
if any parents give cash gift to their son 50,000/- each and the son have no other income than what will be the tax liability of son and is the same amount is chargeable to tax for the parents? please give me suggestion for the same.
if any parents give cash gift to their son 50,000/- each and the son have no other income than what will be the tax liability of son and is the same amount is chargeable to tax for the parents? please give me suggestion for the same.
10 June 2015
No. Gift received from father is exempt from tax. No Tax Implication for either father or son. Just get a gift deed executed for record.
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
11 June 2015
RESPECTED SIR,
WHAT WILL BE THE TAX LIABILITY IF WE GIVE THE CASH GIFT TO SON WITHOUT BANK TRANSACTION AND WITHOUT EXECUTION OF THE DEEDS...
WHAT WILL BE THE TAX LIABILITY IF WE GIVE THE CASH GIFT TO SON WITHOUT BANK TRANSACTION AND WITHOUT EXECUTION OF THE DEEDS...
11 June 2015
Even in this case gift would be exempt from income tax . Do not worry go for the transaction.
11 June 2015
Yes the Gift will even then be exempt but better to get gift deed executed for record.
11 June 2015
YOUR GIFT WILL EXEMPT................
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