Gift to daughter

Law Aspire (Legal) 23 May 2017

The registration of gift deed is mandatory.

chandrasekkhar (EX-SI) 23 May 2017

Sir, When she will face issues, if her interest amount exceeds the limit prescribed by IT/bank authorities. I don't think if she has 5 lks she has to pay tax. But bank authy will deduct TDS if interest exceeds 10,000 p.a.for which she has to submit form 15 in advance (by 15th april every year). So that no tax will be deducted by bank. Another thing, you are transferring the amount from you account, means its already tax paid amount. No one asks why such amount tfrd from one account to another. Yeah, if u submit amount in cash, then problem arises.(writing from india). Another general suggestion is transfer amount in September month, thus, IT counts iterest only for 6 months.(Sept.to march 31st) Needless to say, less impact on interest will be there for taxpayers.

chandrasekkhar (EX-SI) 23 May 2017

Sir, When she will face issues, if her interest amount exceeds the limit prescribed by IT/bank authorities. I don't think if she has 5 lks she has to pay tax. But bank authy will deduct TDS if interest exceeds 10,000 p.a.for which she has to submit form 15 in advance (by 15th april every year). So that no tax will be deducted by bank. Another thing, you are transferring the amount from you account, means its already tax paid amount. No one asks why such amount tfrd from one account to another. Yeah, if u submit amount in cash, then problem arises.(writing from india). Another general suggestion is transfer amount in September month, thus, IT counts iterest only for 6 months.(Sept.to march 31st) Needless to say, less impact on interest will be there for taxpayers.

chandrasekkhar (EX-SI) 23 May 2017

Sir, When she will face issues, if her interest amount exceeds the limit prescribed by IT/bank authorities. I don't think if she has 5 lks she has to pay tax. But bank authy will deduct TDS if interest exceeds 10,000 p.a.for which she has to submit form 15 in advance (by 15th april every year). So that no tax will be deducted by bank. Another thing, you are transferring the amount from you account, means its already tax paid amount. No one asks why such amount tfrd from one account to another. Yeah, if u submit amount in cash, then problem arises.(writing from india). Another general suggestion is transfer amount in September month, thus, IT counts iterest only for 6 months.(Sept.to march 31st) Needless to say, less impact on interest will be there for taxpayers.

chandrasekkhar (EX-SI) 23 May 2017

Sir, When she will face issues, if her interest amount exceeds the limit prescribed by IT/bank authorities. I don't think if she has 5 lks she has to pay tax. But bank authy will deduct TDS if interest exceeds 10,000 p.a.for which she has to submit form 15 in advance (by 15th april every year). So that no tax will be deducted by bank. Another thing, you are transferring the amount from you account, means its already tax paid amount. No one asks why such amount tfrd from one account to another. Yeah, if u submit amount in cash, then problem arises.(writing from india). Another general suggestion is transfer amount in September month, thus, IT counts iterest only for 6 months.(Sept.to march 31st) Needless to say, less impact on interest will be there for taxpayers.