DURGESH KUMAR (Assistant Finance Manager) (28 Points)
04 January 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(172423 Points)
Replied 04 January 2017
If the transferred amount is loan/gift kind, no tax liability arise.
DURGESH KUMAR
(Assistant Finance Manager)
(28 Points)
Replied 06 January 2017
Thank to you for your valuable opinion
Abhinav
(CA)
(397 Points)
Replied 25 January 2017
I assume that transaction is in nature of gift. There is no taxability on that amount to your mother. Income from investing that amount will be taxable in your mother's return.
Since amount is big, execute a gift deed on plain paper signifying your intention to gift and her acceptance. No registration, stamping required. Execute in duplicate, and keep a copy in yours and mother's tax file.
Preserve salary statements and tax paid statements for the money transferred - that can be asked in case of a scrutiny assessment.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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