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Gift to Daughter

30 July 2019

I am father of 2 daughters and older one unmarried is age of 22, I willing to give her 5.00 lakh from my hard earned savings, it's taxable for me or not, she own bank account and she makes bank FD's, it's taxable for me-Vijay Lokhande

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2 Replies

prakash (Proprietor) (39 Points)
Replied 30 July 2019

Not taxable in your daughter's hand because daughter comes under the definition of relatives. and for you its not taxable transation you will not get any deduction for giving gift .your income will be computed as normally computed ignoring the gift element.for eg :yr income is 10lac and you are gifting 5 lacs out of it then you will hv to pay tax on 10lacs. gift will not affect your taxable income.