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Gift from father to daughter
A retired senior citizen wants to give rs. 400,000 through cheque to his married daughter, the said daughter is a housewife and has no income. How to proceed and what is the tax treatment of the both?
Replies (2)
Pay by cheque/DD. if you want to give it as gift, make a simple gift deed. No tax liability on either of you at present. (Except clubbing of income)
YES
THERE IS NO TAX LIABLITY FOR BOTH FATHER AND DAUGHTER
MAKE A GIFT DEED ALSO
BUT INCOME FROM GIFT ( LIKE INTEREST AND OTEHR) IS TAXBLE INCOME
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