Is gift given by mother to son attract any tax liability?
This query is : Resolved
04 August 2018
Hi all,
if mother give rs. 500,000 in cash to son as a gift, then can it attract any income tax ? do mother has to prepare Gift deed? if this transaction liable to tax then how to save income tax liability.
Regards
if mother give rs. 500,000 in cash to son as a gift, then can it attract any income tax ? do mother has to prepare Gift deed? if this transaction liable to tax then how to save income tax liability.
Regards
04 August 2018
there is no tax impact. you should document it. However, gift deed is not required for movable property. But ensure that the mother has legitimate records of where this cash came from
04 August 2018
mother is giving gift from saving from bank. mother is employed in some company.do we require to prepare Gift Deed? do we need to register gift Deed?
04 August 2018
already answered above....plus if the gift is from saving bank account, then it is not called gifting cash.
04 August 2018
but is gift from mother to son taxable in the hand of recipient(i.e.)? as son is also earning income form salary
04 August 2018
as said. already answered above.
04 August 2018
i think gift deed is required for this transaction. do we require to register Gift Deed for this transaction?
04 August 2018
under which law the gift deed is required? if you think so, there must be a legal provision that you are basing your opinion on..
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