I want to take a personal loan for home renovation and my father wants to contribute for EMI payment by transferring 50,000₹ to my account. Will that payment be taxable to me?
Father can gift any amount of money out of his taxable income to you without any tax implication on you
2) Parents and children falls under the specified list of 'relatives' who are exempt under the Income Tax Act as recipients of gift money.
3) Therefore, in the example you have cited, you will not have to pay any tax on the Rs 50000 gift amount. However, you will be liable to pay tax on any income derived from it.
No such payment is not taxable.
Instead make a transfer of 49,999/-.
Go ahead and ask your dad to transfer money to your account, in the column which asks for purpose of paymwnt write GIFT.
Regards
Declare this as a cash gift from your father, and in the said case this sum will not be taxable.
Just teat that as interest free loan from father. This is not taxable.
1. As per my knowledge is concerned, it is not taxable in your hands.
2. It is only a family settlement between you and your father, with or without interest, such amount of Rs. 50,000/- taxable for your father if he earns such amount in the taxable year.
3. To be more safer you are advised to consult an income tax practitioner.
1. It is not taxable. Since it is a gift from one relative to another it is exempt from tax.
2. Tell your father to mention the purpose as 'gift'.
1. This amount is not an income for you to be taxed by the I.Tax department.
2.It is either loan or gift which attracts no I.Tax at its present level.
3. The said amount is not taxable.
NO.
Hi,
No, the amount will be considered as gift from your father and will be exempt in your hands.
Regards,
Keerthiga Sharma
M.Com., CA, LL.B
The gift by money within the relations are not taxable.
