Is gift from children considered as income
3 years ago
Hello,
My father has received gift of about 7 lakh from my sister. He has got a gift deed prepared for the same. He has made payment of about 7 lakh amount to the education loan account for my sister's higher studies to which he is a party to as the mortgaged property is in his name.
I require non creamy layer certificate
Q1. Is the gift from my sister considered as income for determining the non creamy eligibility for me
Q2. And in case the gift is considered as income for the above purpose, how can it be legally ensured
this does not impact the non creamy layer eligibility
Thank You
Sankalp Malik
Responded 3 years ago
A.1) Does your sister have the income to make the aforesaid gift?
2) What was the medium of transfer? (Cheque/Cash)
3) Was the medium of transferred in the Gift Deed?
Under the income tax act, the gifts from relatives are not taxable. However, just for the sake of completeness, the aforementioned questions should be taken into consideration.
2) What was the medium of transfer? (Cheque/Cash)
3) Was the medium of transferred in the Gift Deed?
Under the income tax act, the gifts from relatives are not taxable. However, just for the sake of completeness, the aforementioned questions should be taken into consideration.
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A.Please approach the Chartered accountant.
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