Gift to Daughters

5 years ago

I & my wife both are retired government servants .We have two married daughters .We want gift them RS 10 /- lakh .Would like to know legal procedure & Income Tax Implication for all of us.Submitted for free legal advice .
Sanjeev .M=9619825588 .

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ARPIT BATRA

Responded 5 years ago

A.Kindly contact a CA for the same.

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Deepak Yashwantrao Bade

Responded 5 years ago

A.Dear client kindly go through tax lawyer and CA

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Rajender Prasad

Responded 5 years ago

A.dEAR SIR, PL. FOLLOW the advice given my learned advocates. For details, pl. contact some criminal advocate through vidhikarya.com

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Shanti Ranjan Behera

Responded 5 years ago

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A.Dear Client,
The best option left out for you would be to go to a Income Tax lawyer.
The other option for you would be to go to a Chartered Accountant who can tell you latest guidelines and can file return for you as well as the Income Act Rules and Regulations.
Shanti Ranjan Behera, Advocate

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Rameshwar Dadhe

Responded 5 years ago

A.By advocate Rameshwor dadhe dear sir
If you gift the money to your major daughter for investment, the interest earned from the amount will be taxable only after it crosses the exemption limit of Rs 1.9 lakh annual income. ... Even if you don't have major children, you can still save taxes by creating a trust for benefiting your minor children.

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Anonymous

Replied 5 years ago

First of all , thanks for your prompt response .
Do we need legal document to be made first to gift money to our daughters ? What is maximum financial limit we can gift ?Do we have to inform Income Tax authorities ?like mentioning in yearly Income tax filing ?

Request to pl answer above mentioned questions .

Thanks & Regards
Sanjeev vasudeo Chintal.
M=9619825588

Rameshwar Dadhe

Replied 5 years ago

Dear sir if you paid regular income tax then you can make gift deed in fever of Ur daughter. Nothing any limit . U must to pay tax

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