Gift or loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2013
Sir
I want to help my son for purchaing a house. I have some gold which I can sell.
My querry is suggest me the best option from below or any other better option having mimimum hassel and tax load on me as well as tax load on my son.
1)Gift the gold to my son
2)Sell gold myself and give him this money as gift
3)Sell gold myself and give him this money as interest free loan.
Please reply urgently
I want to help my son for purchaing a house. I have some gold which I can sell.
My querry is suggest me the best option from below or any other better option having mimimum hassel and tax load on me as well as tax load on my son.
1)Gift the gold to my son
2)Sell gold myself and give him this money as gift
3)Sell gold myself and give him this money as interest free loan.
Please reply urgently
07 January 2013
You have to be clear whether you expect him to return the money to you or not. in this regards options 1 and 2 are different from option 3.
You can give him either cash or gold. Both are not taxable in his hands since it is a gift received from a relative.
Execute a gift deed for safety sake
You can give him either cash or gold. Both are not taxable in his hands since it is a gift received from a relative.
Execute a gift deed for safety sake
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