If I gift Rs. 35 lakh to my mother (a senior citizen) by transferring amount from my bank account to her account by NEFT, and if she opens an FD in her bank with that money, will I be taxed on the interest income from that FD? If the answer is no, do I need to make any gift deed if I get any IT scrutiny? If the answer is yes, what is the other alternative?
Hello Sir,
No you will not be taxed on the Interest Income.
It is preferable to prepare a Gift Deed and keep to avoid complications in the future.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Can you please share the gift deed format for the same and on what kind of stamp paper it needs to be made? does it need to be made before or after the transfer of funds from my account to mother's account? and finally does it have to be notorised or registered? Thanks
1. You can be taxed by invoking the clubbing provision if the Officer is not satisfied.
Dear Sir,
You can very well gift it to your mother. Please keep in mind your mother needs to show this amount in her income tax return as exempt income. Dont miss it.
Gift deed is re-commendatory but not mandatory.
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS. B.Com
Dear Sir,
It is preferred to get one done from a professional still if you want to do one yourself you can download a format from google. It should be made after transfer of funds, normal notary is good enough.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
I have been making voluntary contributions towards NPS and have invested so far Rs. 40000 in NPS in the current fiscal to avail deduction under section 80CCD(1b). However, I recently heard that If the taxpayer contributes more than Rs 1.5 lakh to the NPS in a year, only the amount in excess of Rs 1.5 lakh can be claimed as a deduction under the new Section 80CCD(1b). Does it mean that I will not be able to claim deduction under section 80CCD(1b) for my Rs. 40000 investment? Also, wanted to know if Rs. 5000 deduction under section 80D for preventive health checkup is available in total for an individual or one can separately claim Rs. 5000 deduction for spouse, children or self and Rs. 5000 for dependent parents making total amount as Rs. 10000 under section 80D. Thanks