I wish to cash gift my daughter through cheque/Bank transfer. Is it taxable in her/my hands? Please advice.
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176833 Points)
Replied 19 February 2023
Hope the daughter is major.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 19 February 2023
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 20 February 2023
Gift to relative is not taxable
Mahesh Shah
(2308 Points)
Replied 20 February 2023
However, in case of any scrutiny from I T dept, one should make & reg. gift deed as as proof that it is not advance given....
as from 23/24 onwards if advances given will have to be reported in itr
as from 23/24 onwards if advances given will have to be reported in itr
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 22 February 2023
Instead of gift , pay the amount as salary for the house hold help
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