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Sunday, March 14, 2010

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.
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