Mother is intended to give gift daughter
This query is : Resolved
20 July 2015
Mother is intended to give gift of Rs. 1.5 Crores to Daughter.
The mother and daughter is having joint Bank account (either or servivor). The mother will issue cheque of Rs. 1.5 Crores
from that joint account.
Now, the daughter will invest this (gifted) money in the stock market.
is there any consequeces of income tax department in this matter.
What are the requisite documents needed for the same (like gift dedd, etc)
Please guide
The mother and daughter is having joint Bank account (either or servivor). The mother will issue cheque of Rs. 1.5 Crores
from that joint account.
Now, the daughter will invest this (gifted) money in the stock market.
is there any consequeces of income tax department in this matter.
What are the requisite documents needed for the same (like gift dedd, etc)
Please guide
20 July 2015
No consequences gift to daughter is exempted from tax. Have a gift deed either in plain paper or on a stamp paper of Rs 100. No registration of deed is required.
20 July 2015
I thought, the Income Tax department (Officer) may treat it is as invalid due to joint Bank (either of servivor).
is there any question (consequeces) of clubbing due to investment in share market from this gift.
Please kindly clarify the same.
is there any question (consequeces) of clubbing due to investment in share market from this gift.
Please kindly clarify the same.
20 July 2015
The balance in the joint account belongs to mother any drawl from this account by daughter will amount to gift. Not a problem.
Clubbing provisions not applicable for this gift.
Clubbing provisions not applicable for this gift.
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