Rs 10 Lacks gifted to my mother – What are tax implication?

POSTED BY gopal r naini ON March 29, 2014 9:44 am COMMENTS (3)

Should I have to prepare a gift deed for this? Is it not suffice to pay her by cheque?

(In cotinuation of my earlier query)

Gopal naini

3 replies on this article “Rs 10 Lacks gifted to my mother – What are tax implication?”

  1. ashalanshu says:

    Dear Gopal, Gift deed is to avoid any future problem from taxation authorities. The gifting from NRI son to parents is tax free for the recipient. No limit is there on gifting amount.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear Gopal, it’s in your own interest to prepare a gift deed to avoid any issue later on from income tax authorities.

    Thanks

    Ashal

    1. VinManHBK007 says:

      Dear Ashal,
      Does that mean Gift Deed is mandatory ?

      Can you please advise whether NRI’s gift of money > 1 lakh to close blood relative ie Father, Mother (Resident Indian) is also taxable for the recipient ?

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