Gift
This query is : Resolved
16 February 2012
Dear Sir,
If my Father/mother give gift Rs.500000 to my married sister, is it taxable for my mohter/father. they never filed tax return.
also in hand of my sister is it taxable.
pls suggest.
also pls send mob no so that we may discuss on phone.
Regards,
8130263122
If my Father/mother give gift Rs.500000 to my married sister, is it taxable for my mohter/father. they never filed tax return.
also in hand of my sister is it taxable.
pls suggest.
also pls send mob no so that we may discuss on phone.
Regards,
8130263122
16 February 2012
Where the gift is paid on the occassion of the marriage the same in not taxable in the hands of the receipeint i.e ur sister.. also in the hands of father and mother it shall not be added back.. however sufficient care to be taken to demonstrate that there are sufficient source for the parents to make payment of the gift..
17 February 2012
First of all giving cash gift is not taxable in the hands of the donor, provided the donor can subtantiate the source of income of suc gift.
So, there is no tax liability on the parents.
The only point for consideration is whether the gift shall be taxable in the hands of the recipient.
In this case even if the gift was not given on the occassion of the marriage, it shall still be exempt in the hands of the daughter since the gift has been received from a relative.
So, there is no tax liability on the parents.
The only point for consideration is whether the gift shall be taxable in the hands of the recipient.
In this case even if the gift was not given on the occassion of the marriage, it shall still be exempt in the hands of the daughter since the gift has been received from a relative.
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