VIJAY KUDTARKAR (ACCOUNTANT) (291 Points)
05 December 2012Dear Sir,
Can anyone tell me one thing, If a individual recieved cash of Rs. 750,000/- by transfer from father's account to that person and then cheque of Rs. 750,000/- is given for third party for purchase of house.
Is it taxable income or not on accounts of individual ?
Plz. Reply ..
CA Ashish Joshi
(CA)
(265 Points)
Replied 05 December 2012
Hi Vijay,
First of all, the transaction under query is of suspicious nature.
Your query is not providing clear information.
Give exact answers of following...
Whther cash is withdrawn from father's a/c? = Y/N
Whether CASH (& not cheque) is given to individual? = Y/N
Whether house is purchased in name of Individual? = Y/N (If no, then mention the owner)
After answering these questions, you would have clarity about the genuineness of the transaction.
In case of confusion, feel free to call.
CA Ashish Joshi
09998001183
VIJAY KUDTARKAR
(ACCOUNTANT)
(291 Points)
Replied 06 December 2012
Yes, Cash withdraw from father's F.D. a/c
and deposited into saving bank a/c of son
then cheque issued by son's a/c to by a house of sum of Rs. 750,000/-
that amt of cash which is received by father is taxable or not ?
Is it can be Gift ?
deepali agarwal
(Company Secretary)
(1289 Points)
Replied 06 December 2012
Clarify ur question...Whether the payment of Rs.750000/- has been made two times or it is the same????
deepali agarwal
(Company Secretary)
(1289 Points)
Replied 06 December 2012
750000 ki payment 2 baar hui hai?
VIJAY KUDTARKAR
(ACCOUNTANT)
(291 Points)
Replied 07 December 2012
but cash received from father can be treated as gift know ........ and gift recd from relatives is exempt from tax.
Ritu Jain
(CA)
(39 Points)
Replied 08 December 2012
no it is not, niether section 56 will apply nor clubbing shall be done
CA Sourabh Goenka
(Chartered Accountant)
(249 Points)
Replied 10 December 2012
you should execute a gift deed where father is gifting you rs. 7,50,000. But you have made a mistake in this transaction.
You should not to withdrawl of cash from your father bank account. Else you should transfer this amount to your bank account directly.... then this transaction will be perfect..
Sarita
(Article)
(154 Points)
Replied 01 January 2013
Gift Deed you have to make...and Gift from relative is exempt from tax.
CAclubindia
