Taxability on Gift to Daughter
This query is : Resolved
12 April 2022
Dear Sir,
If a father wants to Gift an amount to an unmarried daughter both in India of around Rs. 30 lacs, will that be taxable. Will there any Gift tax on it.
Please help me in this matter.
Regards,
Divyesh Jain
If a father wants to Gift an amount to an unmarried daughter both in India of around Rs. 30 lacs, will that be taxable. Will there any Gift tax on it.
Please help me in this matter.
Regards,
Divyesh Jain
12 April 2022
As of now there is no Gift tax.
AS per sec 56(2)(x) of IT act, father being relative to daughter, there will not be IT over any amount gifted by father to his daughter.
AS per sec 56(2)(x) of IT act, father being relative to daughter, there will not be IT over any amount gifted by father to his daughter.
13 April 2022
Thank you Sir for your valuable response.
13 April 2022
No there is no tax on a gift from relatives.
Father-daughter relationship comes under the definition of relative mentioned under the Income Tax Act, 1961
Father-daughter relationship comes under the definition of relative mentioned under the Income Tax Act, 1961
14 April 2022
Thanks for your reply
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