Gift to family member - tax implications
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2015
One of my friend is stuck between 2 options and wants to weigh both the options from tax point of view:
1) His NRI father from his Nre savings a/c. gifting his mother a sum of Rs.5lacs through cheque for the renovation of house in India in her name
2) His NRI father from his Nre savings a/c. gifting his son a sum of Rs.5lacs through cheque and then he in turn gifting his mother for the renovation of house in India in her name
1) His NRI father from his Nre savings a/c. gifting his mother a sum of Rs.5lacs through cheque for the renovation of house in India in her name
2) His NRI father from his Nre savings a/c. gifting his son a sum of Rs.5lacs through cheque and then he in turn gifting his mother for the renovation of house in India in her name
30 June 2015
In the first option, there will be no gift implications in the hands of mother since gift from spouse is exempt. Clubbing provisions will be applicable but since the entire gift is to be used only for renovation of house no income is generating hence no clubbing.
In the second option, again there will be no gift implications. No clubbing provisions will be applicable.
In the second option, again there will be no gift implications. No clubbing provisions will be applicable.
Message likes :
1 times
30 June 2015
In the first option, there will be no gift implications in the hands of mother since gift from spouse is exempt. Clubbing provisions will be applicable but since the entire gift is to be used only for renovation of house no income is generating hence no clubbing.
In the second option, again there will be no gift implications. No clubbing provisions will be applicable.
In the second option, again there will be no gift implications. No clubbing provisions will be applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- TDR receipts for agreement holder
- Inventory of finished goods
- Sale of property furniture sale
- Disallowance of Section 43B(h) to sez units
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Applicability of Ind As to associate of associate
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
