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POSTED BY ON July 14, 2012 9:21 am COMMENTS (5)
I had gifted Rs 10 Lacs to my daughter ( above 18 years & annual income less than 1L ) during financial year 2011 – 12 . I will need this money back during financial year 2012-13 . My income is always taxable . I want to know what will be my liability in such case ?
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Well Bhupinder,
Since you hadn’t mentioned it on a gift deed, then you can do the transfer via the cheque of the same amount. You can always mention to the Income Tax officer (in case your case gets picked in scrutiny) that you had lent the money to your daughter for xx months and it was the repayment of the loan.
Regards
BanyanFA
Hi
It was transfer by cheque from my account to daughter a/c . It was proceeds from Flat sale which was partly reinvested in under construction flat . I will need money to pay installments in current financial year
Bhupinder
Was it a casual transfer from one account to another or is it legally on a gift deed !
Thanks but it was a mistake . I will not be able to return this money as I need this for paying installments for my earlier booked under construction Flat
Dear Bhupinder, please do not indulge in such practices. These round gifting ‘ll create troubles for all of you in future.
For the given condition, it’s advisable to take loan from your d’ter & pay interest on it. As she does not has any taxable income, the interest ‘ll remain tax free for her. This is more tax friendly & legal option to you.
Thanks
Ashal