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 .
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 ?
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Gift to Daughters
I am staying in pagree room
