I had gifted Rs 10 Lacs to my daughter ( above 18 years & annual income less than 1L ) during financial year 2011 - 12 . I will need this money back during financial year 2012-13 . My income is always taxable . I want to know what will be my liability in such case ?
1 Replies
Bhavik
(Accountant)
(99 Points)
Replied 14 July 2012
What you can do is, take the amount from your daughter in the form of Gift. the below mentioned explaination is self explainatory. the amount received from your daughter will not be taxable.
Any gift received from relatives of any amount during financial year is completely exempt from tax. Hence, it's crucial to understand the meaning of the expression 'relative' for this purpose. Explanation to Sec. 56(2) (vi) provides that the expression "relative" means:
- Spouse of the individual;
- Brother or sister of the individual;
- Brother or sister of the spouse of the individual;
- Brother or sister of either of the parents of the individual;
- Any lineal ascendant or descendant of an individual;
- Any lineal ascendant/descendant of spouse of the individual
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