Gift from father to son
Mrunmai Deshpande
(Querist) 14 June 2016
This query is : Resolved
How many times in a year, can a father gift money by cheque to his earning adult son without son paying gift tax ? Is documentation for each of this is necessary?
Please advice.
Kumar Doab
(Expert) 14 June 2016
Refer to Section - 56, Income-tax Act, 1961.
Consult your ITax lawyer.
Kumar Doab
(Expert) 14 June 2016
You have posted many queries and advised in detail.
Your family lawyer, I tax lawyer, CA can advise you in detail and provide a tailor made soloution.
http://www.lawyersclubindia.com/experts/Gift-Tax-579666.asp
http://www.lawyersclubindia.com/experts/Tax-on-income-earned-out-of-Gift-580451.asp
http://www.lawyersclubindia.com/experts/Tax-Exemption-582006.asp
http://www.lawyersclubindia.com/experts/Gift-Tax-582586.asp
http://www.lawyersclubindia.com/experts/Gift-Tax-583521.asp
N R Dash..
(Expert) 14 June 2016
Consult with your CA for advise.
Dr J C Vashista
(Expert) 16 June 2016
I agree with experts.
Donot repeat your query, bad manners.
