Is Declaration required for Gift given to Son?

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  1. Apurba Kumar Shaw

    Apurba Kumar Shaw New Member

    I have gifted Rs.10,00,000/- (Rs. Ten lakh only) to my son out of my retirement proceeds from my account to his bank account through NEFT on January 13, 2016. Am I required to make any declaration in that respect and if so whether to get that registered or to make any affidavit to be sworn before any Notary or Judicial authority?
    If yes, then what is the timeframe for making the same and then could you provide the draft of the declaration?

  2. Yatin Gandhi

    Yatin Gandhi Active Member

    No declaration is required to be made in the ITR of the person making the gift (i.e. the father in the above mentioned case)

    However, the person receiving the gift (i.e. son) would be required to report this in his income tax return. This income would be considered as exempt income and the manner of disclosure of exempt income in the ITR is mentioned here -
  3. Apurba Shaw

    Apurba Shaw New Member

    Thank you for your kind elucidation.
    However, my son is yet to start filing his IT Return as his net taxable income is still under the minimum taxable limit. Now will he have to file IT Return just to show the said gifted income and if so, what will be IT Return Form No.?
  4. Yatin Gandhi

    Yatin Gandhi Active Member

    As his income is below the taxable limits - he can skip filing the income tax return and wont be required to disclose this gift in the ITR
  5. Apurba Shaw

    Apurba Shaw New Member

    Thank you for your valuable guidance.

    Apurba Shaw
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