05 August 2012
One of my client being an Individual Lady in the status of Mother can be made gift of Bank's FDR in the name of Mother to her son or not.
If yes,then whether the same is exempt from tax as per I.T.Act and how much such mode of Gift can be made at maximum level.
05 August 2012
It seems that the FDRs in the name of the mother are required to be transferred to the son. It will be possible only when the FDRs in the name of mother are encashed or the name of the son has to be included as a joint holder. . As mother's love can not be denominated in terms of a sum of money, She can gift as much as she could wish out of the money or property in her possessions. There is no limit. . The reverse is also possible. No Tax implication arises in the blood relation gifts. .
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