Tax on gifts

Dear Client,

                   If  you are a minor if would be taxed in her hands and part of her total income. You'll've no tax gift or otherwise liability at all.

Ms.Nirmala P.Rao

Sir,

I got 22 lakhs FDR from my father as gift what will be the tax liablity

Dear Client,

               Since the gift is from your father, a relative  within the meaning of the IT Act 1961 whether it's cash or kind  such as FDR etc it is not chargeable to any  tax and totally  exempt  from gift tax or otherwise whether you are a minor or  a major.

Ms.Nirmala P.Rao

Legal Expert

YOUR QUERY:   If my mom wants to gift me an amount as gift, i knew it will not be a taxable amount for me after making a gift deed.if my mom wants to gift me an amount which is saved by her and wants to give me with out making that in gift deed.then is it taxable amount for me.how to avoid tax in this case.if taxable , how much do i have to pay?

REPLY: YOUR MOTHER'S gift to you will be exempt from tax in your hands.