Money Gift to son income tax free
This query is : Resolved
14 January 2020
How much money can I Gift to my son without attracting income tax liability.what is it's limit. What are it's pre condition. Do it requires any disclosure in income tax return of either.
15 January 2020
No more limits for gift to son.
Message likes :
1 times
15 January 2020
No any limit per se. You can gift as much as you wish.No any need to make any document as such, in case of movable property.
Message likes :
1 times
15 January 2020
Hello Dear Mr Amol S Joglekar Sir...
Happy to See You...
After a Long time I seen You...
Message likes :
1 times
15 January 2020
You can gift to your son the amount which you can justify from your financial records. There is no Tax. Avoid higher amount Gifts. Disclosure in the return : No direct Disclosure required as such. Its impact indirectly reflects in the Capital Accounts. Capital Account Balances are shown in the ITR only when you are required to furnish Balance Sheet in your ITR.
Message likes :
1 times
15 January 2020
You can gift any amount of money to your son under section 56(2) of I T Act. It will not be taxed provided You make a notorised Gift Deed and your son discloses the gift in his Return under Exempted Income Schedule. There is no scope of your disclosing the gift in your Return as far as present ITR format are there. You may raise any further querry in case of any doubt.
Message likes :
1 times
15 January 2020
If the son is a minor then his income shall be clubbed with that of the parent who has more income. Gift by a relative being lineal ascendant (Father) is not liable to be treated as income from other sources u/s 56(2)(x) of the I. Tax Act in the hands of the donee recipient. The Gift should be out of genuine funds and disclosed sources. Quantum of Gift is irrelevant.
Message likes :
1 times
16 January 2020
If own younger brother gifts money to the elder brother or vice versa would the taxability be same
16 January 2020
No Taxability... Also it's exempted gift.
Message likes :
1 times
16 January 2020
No tax. Position is same
Message likes :
1 times
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- PAYMENT NOT SEND IN 180 DAYS
- Long term Capital gains received on sale of Residential Plot of land 10 years after buying it
- RCM INVOICING FROM NOV-2024
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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
Trending Online Classes
CAclubindia
