Taxa liability on gift
This query is : Resolved
26 August 2012
When father gift some handsome amount of money to a daughter after marriage of one month, is it taxable in the hands of daughter. Further after some days father requires some money on urgency and he takes back the same amount of money as loan from daughter wheather that amount is taxable on any hand.
26 August 2012
Gift given by a father to his daughter(married/unmarried) will fall under the category of gifts from relatives. Gifts from relatives is exempt. So, neither the daughter nor the father needs to pay tax.
26 August 2012
And if the father takes a loan, the same as it is will not be taxable in daughter's hands. However, any interest received on such loan will be taxable in her hands
Message likes :
1 times
26 August 2012
It will not be taxable under both the Hands
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
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- GSTR9 applicability
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
