Gift given to son

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2011 I have gifted Rs.20,00,000/- to my son.Is there any liablity on me to pay tax.2)Will income arise from the gifted amount will be clubed in my income file if the son is of 19 years old or taxed in my son file

Neeraj Bansal CA

Neeraj Bansal CA (Expert)
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14 March 2011 welljust tell me 1st thing is this cash transfer or kind

Yaa incoem arising from giftd amount will be taxable in ur hand as you r shifting ur income earning source to ur son

Aditya Maheshwari

Aditya Maheshwari (Expert)
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14 March 2011 1 - No tax liabilit
2 - No it will not as not covered u/s 64

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Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2011 I am Karta of HUF so to say!A!.Can I gift Rs.2000000/- to my son being the other member of HUF !A!.Is there any tax liablities on the part of HUF?or on the part of of its member?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 April 2011 Giving gift from HUF will become partial partition of HUF which is not allowed as per provisions of Income Tax act.