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Gift of 12-13 lacs

377 views 2 replies

Sandeep Shirke

Accounts Executive

118 Points Joined July 2014

Dear all, I have friend whose mother was working in Govt. service. Now she retired this year and got of 12-13 lacs from her service in Govt job. If she will give that amount to his son by cheque. Is taxable to his son even if she gives as a gift. Or kindly suggest that his son who will received full amounts. How can his son save tax?

Replies (2)

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

First of all, why do u want to transfer to son? Because mother being senior citizen (if so) is liable for less tax.

Now coming to your question, since the gift is made to a son (who is a relative), it is not taxable.

Sandeep Shirke

Accounts Executive

118 Points Joined July 2014

Many thanks for quickly reply. Son wants to buy a flat from mother's money. Even then he is not liable to tax and which section? For avail of saving tax, what should we do or procure documents.