Cash gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 October 2018
I plan to give cash gift to my father in law, to save tax on interest earned. Following is my understanding. Kindly confirm
1) Cash gift to my father in law is tax free unto any amount
2) I need to prepare a Gift deed as proof of gift
3) My father in law who doesn't come under tax bracket, ideally should file ITR, declaring the gift received from me.
Now would like to know, if I or my husband get the same money back from my father in law along with interest,
1) I believe we again need to prepare gift deed and show in our tax filing.
2) We will not have to pay tax on any amount received from my Father in law
Is this understanding correct??
Kindly help.
1) Cash gift to my father in law is tax free unto any amount
2) I need to prepare a Gift deed as proof of gift
3) My father in law who doesn't come under tax bracket, ideally should file ITR, declaring the gift received from me.
Now would like to know, if I or my husband get the same money back from my father in law along with interest,
1) I believe we again need to prepare gift deed and show in our tax filing.
2) We will not have to pay tax on any amount received from my Father in law
Is this understanding correct??
Kindly help.
03 October 2018
why will you get the money back? when it is gift and that transaction is closed.
now whatever u will get return, that will be treated as separate transaction, or may be treated as gift.
now whatever u will get return, that will be treated as separate transaction, or may be treated as gift.
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 October 2018
Thanks for reply.. It answers my query..
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