Transfer of asset
This query is : Resolved
23 August 2013
Sir,I am salaried person drawing a salary of Rs. 400000/- pa. I want to t/f Cash Rs 200000/- to my mother who is housewife having no any source of income and she is gong to utilize the cash for investing in F.Ds so i want to know that what is tax treatment?
23 August 2013
Your mother is going to open a bank account if she is not having. In stead of cash I will request you to transfer the amount by cheque and show the amount as gift.
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Tax will be taxable in your mother's hand. Also apply for her PAN Card.
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Tax will be taxable in your mother's hand. Also apply for her PAN Card.
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24 August 2013
Thank Your Sir for response.
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