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Question ID : 44556

082701

A daughter gifts 1 crore to his father Father gifts further to his brother Will this be questionable?

Posted by Mahesh Kumar on Sep 28, 2023

Filed Under DIRECT TAXES

Answer ID : 85172

Disclose the same in ITR exempt income (Gifts). Also have proof of source of income to daughter.

Posted by VINAY BHARGAV KUMAR G on Oct 10, 2023
Answer ID : 85176

YES SHE NEEDS TO EXPLAIN SOURCE OF INCOME FOR GIFT IF NOTICE RECEIVED FROM INCOME TAX DEPARTMENT

Posted by CA Shrawan Suthar on Oct 12, 2023
Answer ID : 85188

As per Section 56(2)(VII) of Income Tax Act 1961, tax Incidence should not arise but Income Tax Department may ask for source of Gift in the hands of doner. Further don't forget to disclose gift as exempt income while filing Income Tax Return.

Posted by Ankit Vijaywargiya on Oct 14, 2023
Answer ID : 85307

The government reintroduced it in the year 2004 under the head "Income from other sources". Receiving or sending gifts can be a part of money laundering or tax evasion, so the tax officers keep an eye on such transactions through the details filed under the income from other sources head. It states that any gift received with or without consideration in excess of Rs 50,000 in a financial year will be added recipient income from other sources and taxed accordingly as per income tax slab. Father will not be questioned if he pays income tax on gift of Rs. 1,00,00,000/- as per the Income tax Slab as applicable. Similarly, his brother pays tax on gift of Rs. 1,00,00,000/-

Posted by Hari Beldona on Feb 05, 2024