gift to father

Querist : Anonymous (Querist) 05 January 2011 This query is : Resolved
what is the position of a person who is giving gift to his/ her father according to income tax act.

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A V Vishal (Expert) 05 January 2011
What is your query please be precise.

Gulshan Tanwar (Expert) 06 January 2011
There are many positions but your query is not clear... as the gift is of land or other kind....only then the query can be answered.

Vineet (Expert) 08 January 2011
No tax in the hands of donor or donee whther it is gift in cash or kind.

1. Gift tax has been abolished about 12 years back.

2. In the hands of recipient of gift, the same is no includible in taxable income if received from a "Relative" as defined in the Act. In this case donor is son or daughter which is squarely covered under definition of relative.

Advocate. Arunagiri (Expert) 08 January 2011
Not taxable.

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