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Mihir Tanna |1035 Answers |Ask -Follow

Tax Expert - Answered on Feb 17, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Asked by Anonymous - Nov 26, 2023Hindi

Money

Dear Sir / Madam, My father (84 year old) wants to transfer some money to my account. I am 52 year old. I am in 30% tax slab. How much tax this money will attract? Also please guide whether it is correct to make FD in his name and get more interest? He has declared me as nominee for his bank account. How much tax I will need to pay on the money that I will receive when he will not be there? What does law says?

Ans: As per Income tax provisions, if father transfer funds to son as gift; it will not be treated as Income and it is advisable to execute gift deed for the same. Further, for creation of FD in the name of father, payment is required to be done from bank account of father.

With reference to amount received as legal hair, son is required to pay tax on Interest income accrued after the date of death.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by AMIT - Apr 12, 2023Hindi

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Sir, My father deceased in December, 2022 and as a nominee I have received an amount of Rs.20 lakhs from his PPF account and Rs.7.90 lakhs from his FD in the bank. I want to transfer this amount to my Mother's account. She is retired Govt. officer and filing IT returns for her income every year. Sir, can I transfer whole amount of Rs.20 lakhs and Rs.7.90 through RTGS to my mother's account. I want to know that in future will there be any query/AIR from IT deptt. from me or from my mother relating to the transaction done by me. My father was Govt. retiree and Income Tax payee and had filed all IT returns upto FY 2021-22. Sir please guide in this regard so that there is no issue being raised by IT deptt for transfer of amount from my account to my Mother's account. I am also a Govt. Employee. Kindly give your valued advise.

Ans: Dear Amit,

You can absolutely transfer the entire amount of Rs. 20 lakhs from your father's PPF account and Rs. 7.90 lakhs from his FD to your mother's account through RTGS. Since your father was a regular Income Tax payer and had filed all his IT returns up to FY 2021-22, there should be no issues related to the legitimacy of the funds being transferred.

However, to ensure a hassle-free experience with the Income Tax Department in the future, I recommend taking the following steps:

Keep a record of the source of the funds, i.e., the PPF account and FD account details, as well as any supporting documents like your father's death certificate, nominee declaration, and bank statements.
When your mother files her Income Tax return for the relevant financial year, make sure to disclose these amounts as gifts received from you, her son, as gifts received from relatives are exempt from tax. You can provide the details of the source of funds and the reason for the transfer (i.e., inheritance) in the notes section of her return, if applicable.
If your mother earns any interest or income from these amounts, she should include that in her taxable income and pay the applicable taxes.
It would be helpful to consult a tax professional to ensure that all the necessary documentation and disclosures are made properly in both your and your mother's tax returns.
By following these steps, you should be able to avoid any queries or issues from the Income Tax Department regarding the transfer of funds from your account to your mother's account.

I hope this helps.

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Asked by Anonymous - Jul 27, 2023Hindi

Money

Hi Sir, My father expired this year, his nominee is my mother Chitra Samant, needed to now that we will close all accounts including fd's, PFF's and other investments of his and transfer amount to my mothers account. will the amount transfered be taxable to my mother?

Ans: Hello, the amount will not be taxable

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Asked by Anonymous - Aug 28, 2023Hindi

Money

Hello Mr.Mihir...Can I as a 73Yrs.old Maternal Uncle (Mother's Brother) to my Sister's Daughter i.e; Niece, Gift any Amount exceeding Fifty Thousand out of my Personal Savings(I.T.Declared) over the Years thru Bank Transfer towards Tax Planning & purposeful utilisation of my Savings...Pl.advise & also if there is any Limit under the I.T.Tax Laws in this kind of Transaction...Thanks.

Ans: Maternal uncle - Mama; is in the definition of Relative as per Income Tax Act. Any amount received from relative is not an Income in the hands of recipient.

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Question by saurabh - Sep 16, 2024Hindi

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Dear Sir/Madam, My father is 80 Years old retired pensioner from Central Govt department. He is having one ancestral property which is being sold with Amount Rs.29lacs Approx. Now he want to transfer this amount equally between 2 Sons. Please advise how to handle this entire transaction process to avoid any tax implications from both end. One of his son having home loan running and currently under tax slab of 30% and other one is under tax bracket of 20% but not home loan in his name yet only Personal Loan and Car loan. Please guide. Hope I can able to explain the situation up to some extent.

Ans: 01. In absence of information, I suppose the property being sold is a Long Term Capital asset.
02. Please work out Cost of ancestral property, so that you can work out Capital Gain on it, after reducing the same from sale amount of Rs.29.00 lakhs.
03. LTCG will be taxed @12.50% with Indexation or @20.00% with Indexation. You can choose the option, where the LTCG is less.
04. Your father can Gift the amount to both sons without any tax implications. The Gift should be by cheque or online transfer and not in cash. Better if proper document for gift is prepared.
05. Both sons may use the gifted money in the way they like, including re-payment of loans, either housing or other loan.
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I don't have Income to be taxed at slab rate except STCG from DEBT MUTUAL FUNDS I do have income from LTCG, DIVIDENDS, BANK INTEREST ETC If I invest in ELSS whether IT DEPT will allow deduction under Section 80c against STCG FROM DEBT MUTUAL FUNDS in OLD TAX REGIME or they will first set off this income against Rs 3 Lakhs income which is BASIC EXEMPTION LIMIT for Senior Citizens Also, where to show STCG FROM DEBT MUTUAL FUNDS in ITR 3

Ans: 80C is not allowed against STCG taxable u/s 111A and LTCG taxable u/s 112 as well as 112A. Hence in your case STCG not covered in 111A will be adjusted against 80C

Also for old regime 2.5 lacs basic exemption limit will apply

In ITR 3 is not notified for FY 24-25, but in FY 23-24 there was option at serial number 5 wherein you have to show short term capital gain not covered in previous 4 options.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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