Tax on cash gift given to father by Son.

POSTED BY naveenarichwal ON September 26, 2010 8:47 pm COMMENTS (2)

Respected Sir,

In present context & also proposed DTC, if I Pay some cash monthly to my Father to support him, then can i at the end of Financial year claim Tax benefit on this amount.

Thanks

2 replies on this article “Tax on cash gift given to father by Son.”

  1. Raman says:

    Dear Manish,

    I appreciate for what you have done in creating this Forum and also on the Articles you frequently post. We are in fact gaining our knowledge…. Thanks for that

    Now on this post “Tax on cash gift”, if it was other way round, let say, if close relatives transfer the Shares to Daughter/Son, and when they Sell off those shares immediately or after 2-3 months, will that amount be treated as a taxable.

    Close Relatives can be either, parents or in-laws…

    Thanks…

    Mani

  2. No

    You cant, If that was the cash , every one would just gift 100% cash to his father or mother every month and no one would pay tax.

    The only thing is that your father will not have to pay tax on this amount 🙂 , as money coming from close relatives as gift is not taxble provided proper gift deed is perpared.

    Manish

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