Gift tax or any tax
This query is : Resolved
02 August 2020
My son had an FD in Indian bank. son is working in USA.
This year he declared himself NRI in July 2020. prior to this, he got his account in a nationalized bank converted from regular to NRO in June 2020. Prior to conversion in Jan20, he closed an FD for Rs.154154/- and withdrew the cash and deposited to my account and I started an FD for the same amount. Can my son give me his money as gift without any tax implication?
This year he declared himself NRI in July 2020. prior to this, he got his account in a nationalized bank converted from regular to NRO in June 2020. Prior to conversion in Jan20, he closed an FD for Rs.154154/- and withdrew the cash and deposited to my account and I started an FD for the same amount. Can my son give me his money as gift without any tax implication?
02 August 2020
Yes your son can give you his money as gift without any tax implication.
02 August 2020
THE AMOUNT WAS DEPOSITED IN HARD CASH IN MY ACCOUNT. BUT SAME TO SAME AMOUNT WAS WITHDRAWN FROM HIS ACCOUNT SAME DAY AFTER CLOSING FD. SO THERE IS NO DIRECT LINK TO PROVE. SO WHETHER I CAN CLAIM IT AS A GIFT AND HOW TO TREAT UNDER ITR
02 August 2020
THE AMOUNT WAS DEPOSITED IN HARD CASH IN MY ACCOUNT. BUT SAME TO SAME AMOUNT WAS WITHDRAWN FROM HIS ACCOUNT SAME DAY AFTER CLOSING FD. SO THERE IS NO DIRECT LINK TO PROVE. SO WHETHER I CAN CLAIM IT AS A GIFT AND HOW TO TREAT UNDER ITR
02 August 2020
Yes It's less than 2 lacs cash gift exempt from tax. Show this under exempt income schedule of ITR.
05 August 2020
whether the aggregate cash gift amount in a year should not exceed 2 lacs or individually it should not exceed 2 lacs
06 August 2020
Aggregate should not exceed 2 lacs.
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