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Gift

483 views 5 replies

Ganesh Kumar Khemka

c.a final and COMPANY SECRETARY

123 Points Joined September 2011

if father gives 20 lakh as a gift in cash to his son... wether it is taxable or not plzz also give me provision regarding gift

Replies (5)

CA Deepesh Ruhela

Keen to Learn

3271 Points Joined August 2010

No, it is not taxable. Execute the gift deed to avoid future litigation.

Refer the below link

/articles/detailed-analysis-gifts-taxation-under-it-act-20955.asp#.U7rOY_mSyVY

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

it wont be taxable but the father is required to pay that amt. by any mode other than cash.

Amit

Accountant

261 Points Joined November 2008

No Gift to relatives not taxable. Check out section 56(2)(vii)

Amit

Accountant

261 Points Joined November 2008

Mr.Tribhuvan, there is no compulsion to pay by a mode otherwise than by cash. That compulsion exists for loans and deposits (u/s 269SS and 269T)

Yeah mr. Amit is right there is no compulsion regarding the mode of gift it may be in Cash or kin, any gift given to a family member or any relative is tax free it is taxable only if it is given to any outsiders and that too if the value of gift exceeds rs 50000