Can a daughter gift Rs.10 L to her mother with out her mother paying any tax?
Kindly advice.
modi kamal (business) 26 December 2012
Can a daughter gift Rs.10 L to her mother with out her mother paying any tax?
Kindly advice.
Advocate Rohit (Advocate) 26 December 2012
yes, you can execute a registered gift deed. regarding Gift tax only Rs. 50000/- worth of moveable or immovable property is tax free in the hand of the recipient. anything amount beyond that is fully taxable.
Regards,
Advocate Rohit Dalmia
9324538481
Mumbai
modi kamal (business) 26 December 2012
Sir,Since both mother & daughter are both blood related,I was told that there is no limit on gift amount.And there is no tax on them.
R K JAIN (Advocate) 27 December 2012
Yes, you are right Mr Kamal there is no tax on gift from daughter to mother. It is tax free in the hand of mother for any amount under IT Act.
rushitsheth (Lawyer) 31 December 2012
Mr. Jain is right.
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