I have given rs. 2,00,000/- as gift to my dad

Page no : 2

Rahul garg (ca final student) (89 Points)
Replied 01 August 2013

yes it is not taxable

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Chinnu Raj (CA Final Student B.Com) (1067 Points)
Replied 02 August 2013

If Rs.2,00,000/- is given by daughter to his father how it will be taxable again in the hands of father???As per my knowledge is concerned the father's income at last will be only Rs.2,25,000 only..........

Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1372 Points)
Replied 02 August 2013

no it is not taxable,any gift given to the following persons(relatives) will not be taxable

relaTive for this purpose is

SPOUSE OF THE INDIVIDUAL

BROTHER OR SISTER OF THE INDIVIDUAL

BROTHER OR SISTER OF SPOUSE OF THE INDIVIDUAL

BROTHER OR SISTER OF EITHER OF THE PARENTS OF INDIVIDUAL AND SPOUSE

ANY LINIAL ASCENDANT OR DESCENDANT OF THE INDIVIDUAL

ANY LINIAL ASCENDANT OT DESCENDANT OF THE SPOUSE OF THE INDIVIDUAL

SPOUSES OF ALL THE ABOVE MENTIONED

nands (mgr) (21 Points)
Replied 03 August 2013

Can I gift inr 5lack to my father which I gained from selling my property. Father is aged 73 n agricultur, Pls let me know tax implication on either side.

HARISH (Student CA IPC / IPCC) (22 Points)
Replied 03 August 2013

NO,ANY GIFT GIVEN T O FATHER IS EXEMPT.FURTHUR NO DEDUCTION SHALL BE AVAILABLE TO YOU FOR SUCH GIFT

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HARISH (Student CA IPC / IPCC) (22 Points)
Replied 03 August 2013

NO,ANY GIFT GIVEN T O FATHER IS EXEMPT.FURTHUR NO DEDUCTION SHALL BE AVAILABLE TO YOU FOR SUCH GIFT

ABBASALI GULAMHAIDER NANDOLIYA (Student CA Final ) (26 Points)
Replied 03 August 2013

In the books of father - 200000 is exempt

In the books of daughter - 200000 is taxable

In A.Y. 2013-14

Money earned by duughter is not taxable as it on or below basic exemption limit.

Abbasali

Chinnu Raj (CA Final Student B.Com) (1067 Points)
Replied 03 August 2013

Hey friend,you can give whatever amount you want to your father because it wont be taxable.As you have gained an amount by selling a Capital asset and the amount generated from that will be your Capital gain and you have to pay the tax accordingly...