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Gift

mrugank (nothing) (31 Points)

10 June 2018

Money gifted to son from father through bank transfer,taxable?? And gift deed needed??amount is above 8 lacs

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185347 Points)
Replied 10 June 2018

1. Not Taxable.

2. Yes

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 10 June 2018

Yes... I agreed to Mr Dhirajlal Rambhia Sir opinion..

1 Like

Mayank Gupte (student) (35 Points)
Replied 10 June 2018

Any amount transferred by the assessee by way of gift to his family member,to dilute the burden of taxes, the same would be clubbed into the hands of assessee, therefore this would not taxable as it is already taxable into the hands of his father( in this case). Ofcourse, gift deed would be required.

1 Like