gift to my son

Querist : Anonymous (Querist) 16 February 2011 This query is : Resolved
My son is applying for an allotment of flat. May I give the application money to the tune of Rs.200000/- (rupees Two lakhs) on his behalf ? Is there any complication form the income tax point of view ? Have I to inform the IT authorities ? This money is from my retirement benefits.

Follow Query

Report Abuse

Raj Kumar Makkad (Expert) 16 February 2011
You may gift him such amount but it shall be duly taxable as per rules in your hands, if the same comes within its ambit.

Y V Vishweshwar Rao (Expert) 16 February 2011
I Agree with Mr R K Makkad !

The Retirement benefits are recorded amounts from your employee -you can purchase the property in the name of your son , it can be recorded in IT Returns - Consult your local Area C A for Tax matters & implications on all the components of your Retirement benefits !

Rajesh Thakker (Expert) 21 February 2011
You may gift to your son. No gift tax will be charged on the said gift.
However, I am not agree with above two opinion. If you son is major, then after any realization received, it will be taxed in the hands of your son.
As regarding declaration into IT return, it is not necessary to disclosed such fact.
Whenever, your son will be asked by the department, then you have to disclose such fact.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries