What's the right way to gift?

Share This Thread
  1. TaxPayer123

    TaxPayer123 Member

    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?

  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

    ZED likes this.
Draft saved Draft deleted
Similar Threads Forum Date
Deduciton under Section 80G for Donation in CRY - Child Rights and You Income Tax Apr 2, 2017
Capital Gain on surrendering of Tenancy Rights Income Tax Jul 13, 2016
Profit on Release of Right in Under Construction Flat Income Tax Feb 10, 2016
Capital Gains on conversion of leasehold property rights to freehold pr Income Tax Sep 3, 2015
Intellectual property rights protection in India ? Income Tax Aug 20, 2015