Gift fearlessly to your relatives
December 1, 2006 by taxworry · Leave a Comment
Someone Asked on this Blog
Would there will be any impact of Income tax if a father, mother, brother EACH gives Rs 100000/- to the daughter of the family?( Gift deed gets Noterized gift made )
By ca_rohit06@yahoo.co.in
There will not be any impact on Income tax of anybody if Gift is given to any relative[daughter and sister are one of those relations] after 1/9/2004 .The only thing to remember that the Gift should be out of known source of income . What I mean is that whoever gives gift should be able to prove, if he or she is required to prove, the source of gift money .Otherwise , if the Return of Donne or donor is scrutinized , A.O may treat as income of the person who he considers having concealed income.
There will not be any impact on Income tax of anybody if Gift is given to any relative[daughter and sister are one of those relations] after 1/9/2004 .The only thing to remember that the Gift should be out of known source of income . What I mean is that whoever gives gift should be able to prove, if he or she is required to prove, the source of gift money .Otherwise , if the Return of Donne or donor is scrutinized , A.O may treat as income of the person who he considers having concealed income.
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