1.If a parent gifts a house to his/her son who is a tax payer, will it be exempt from gift tax / 2.My mother's PPF has just matured. She wants to gift it ti her son who is a tax payer. Will this amount be added to the taxable income of her son?
RE:RE:Gift Tax
by N Venugopal on Apr 20, 2007 04:10 PM Permalink
Let your father Gift U a house this year ! and next year you gift that one to your father! Hi what a escape route!!
RE:RE:Gift Tax
by Pawan Sachdeva on Apr 20, 2007 03:13 PM Permalink
1.yes but whats the use. With this your tax incidence is likely to increase in coming years.
2.Not in this years income but the amount that he will earn through interest in coming years wud be added to his income.
RE:Gift Tax
by UMESH BANSAL on Apr 20, 2007 03:05 PM Permalink
1. If parents give house in a gift it is not subject to tax. 2. After maturity of PPF it is not taxable in the hands of ur mother and if she gift it to her son then it is not taxable whether his income subject to tax or not dont matter.
