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How Much Can I Gift My Granddaughters Tax-Free?

Mihir

Mihir Tanna  |1068 Answers  |Ask -

Tax Expert - Answered on Dec 13, 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
Gurdevinder Question by Gurdevinder on Dec 12, 2024Hindi
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How much money I can give to my grand daughters so that I need not to pay Income tax on the transferred money ?

Ans: There is no tax on gifting money. Gift receiver will be liable to pay tax, if it is not received from relative.

In given the case, as gift is received from relative, same amount will not be taxable in the hands of grand daughter
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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