What's the right way to gift?

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  1. TaxPayer123

    TaxPayer123 Member

    Hi!
    My father wishes to gift me INR 5 lacs with the intent of gifting (and not really tax saving etc.). I might then invest these in FDs etc. from which income may accrue. However, due to clubbing provisions, the income will have to be taxed in his hands indefinitely. So, if he really wants to GIFT it to me for ever, then what's the right way to do it? Will giving a letter or an affidavit help?

    Thanks!
     
  2. ZED

    ZED Well-Known Member

    If you are major then clubbing provisions will not be applicable.
    This income is not to be clubbed either u/s 64(1) or u/s64(1A) or u/s 64(2).


    Prefer a gift deed and prefer payment via bank.
     
    TaxPayer123 likes this.
  3. TaxPayer123

    TaxPayer123 Member

    Thanks!
     
    ZED likes this.
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