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Vipul Bhavsar |141 Answers |Ask -Follow

Tax Expert - Answered on Sep 06, 2025

Vipul Bhavsar is a chartered accountant from The Institute of Chartered Accountants of India. He has over 16 years of experience in corporate advisory, taxation and financial reporting.
His interest areas are consulting, income tax, GST and due diligence.
He founded his CA firm, V J Bhavsar and Associates, in 2010 through which he offers services like virtual CFO, trademark registrations, company /LLP formation, MIS reporting, audit, tax and TDS compliances, accounts receivable/payable management and payroll processing.... more

Question by Alok on Sep 04, 2025Hindi

Money

Sir, I am planning to gift my son Rs 50 lacs(as part contribution) for purchasing a flat by him. Have 2 questions. Do I have to maintain a record on plain paper about the gift for IT purpose, if needed. Secondly, does my son have to show my gifted amount in his IT return under exempt income section.

Ans: 1. If you are making a gift deed then it is advisable to register it in court.
2. Gifts from father is Exempt and In ITR, under the exempt income, select 'any other' and mention gift from father in description box. It should be disclosed as exempt u/s. 56 in Schedule EI of the ITR.

Vipul Bhavsar
Chartered Accountant
www.capitalca.in

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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I am 68 year old pensioner. Last minth I sold my house property getting about Rs 50 lacs. Now 1) Can I gift the entire amount to my son and can get IT exemption for both. 2) Should I show this amount in my tax return as income for current Assessment year.

Ans: Tax on capital gain arises on transfer of house property will be applicable as per the prescribed conditions and required to be shown in Income tax return. However, amount transferred to son as gift is not an income. Thus, not liable to tax.

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Question by Padmanaban - Jan 26, 2025Hindi

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I have purchased a flat worth Rs 70 lacs and registered it in my son's name The full amount has been paid from my savings . My son was an NRI at the time of registration and doesn't have income source in India , except maybe Rs 2 lacs in his savings account. I recently came to know that we have to inform , if we purchase any property above Rs 30 Lacs . Will the above transaction cause any Income Tax issues for my son ? I don't not own any other property I have furnished the flat and stay in it whenever I come to Coimbatore I stay in a different apartment in Madurai I don't not plan to rent it out. My reason for buying a property in his name is I am 70 years old and I want to create an asset for him in the future. Is there any submission He or I have to make to I T Dept stating that I have gifted the amount. I am an assessee and file I T Return regularly. My son used to file when he was employed in India . Last 2 years , he is a NRi and doesn't file since he doesn't have any Income . Should I just prepare a Letter for records ,stating I have purchased a Flat in my son's name as A Gift and give details of amount paid by me from my Bank account to the Flat promoter.

Ans: Reporting will be done by the property registrar and not by buyer/seller.

If father give gift to son of substantial amount, it is advisable to execute the gift deed.

As son don't have any income source in India, department may ask source of money and which can be explained by you with proper documentation.

Vipul Bhavsar |141 Answers |Ask -Follow

Tax Expert - Answered on May 15, 2025

Question by Padmanaban - Apr 17, 2025

Money

I want to give Rs 8 lacs as gift to a Friend in tranches during this financial year ending 2026 He doesn't have a regular source of income and has not filed I T return so far . . Apart from this I plan to give Rs 25 Lacs loan jointly to his daughter and him for purchasing a flat I plan to enter into a loan agreement for 20 years and pay the money directly to Seller . Any tax implications for me or him for both these transactions ? Should he file a return and mention the Rs 8 lacs as Gift . Under what heading ? Thanks

Ans: For this case, we need to understand your profile as well.
Following questions are important before giving any advise:
Are you salaried person, are you filing IT Returns regularly, how are you going to pay your friend, is your friend going to return the amount

Vipul Bhavsar
Chartered Accountant
www.capitalca.in

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Question by Relisha - Apr 21, 2026Hindi

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Sir, I am currently in class 12th and will be going for engineering in the next few months.. I am currently confused between choosing Computer Science Engineering (CSE) and Mechanical Engineering for my career. I have always wanted a good salary and strong career growth, which is why CSE seems attractive. However, during this past year, I studied mostly online, and honestly, sitting in front of screens all day feels very draining to me. I realized that I do not enjoy spending 24/7 with laptops and coding-based work. I am also interested in designing, practical work, and fields where I can be involved in creating and building things, which makes Mechanical Engineering feel appealing. Another concern I have is that in CSE, people often say you must keep constantly learning new technologies, otherwise you may get replaced easily. Also, right now, almost everyone seems to be choosing CSE, which makes me wonder about future competition and job security. At the same time, I worry that Mechanical Engineering may not provide the same salary growth or opportunities as CSE. How should I decide between these two fields? Should I prioritize interest and work style, or salary and market demand? Which option would be better for long-term career satisfaction and financial stability?

Ans: Relisha, my suggestion is to focus mainly on your interest and the type of work you enjoy when making a career decision, because long-term satisfaction and financial stability depend on how much you like your work, how continuously you improve your skills, and how well you build connections. Over the next four years, work on improving both your technical and soft skills related to your chosen field, build a strong LinkedIn profile that clearly shows your skills and achievements, and create a good professional network by connecting with people in your domain. Keep checking job market trends regularly through LinkedIn and other reliable sources so you stay updated. Also, choose your college carefully by looking at the placement records of the last 2–3 years. If you decide to go for mechanical engineering, then focus seriously on skill development and personal branding, because these efforts together will play a big role in your long-term career satisfaction and financial growth. ALL the BEST for Your Prosperous Future!

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Question by Divyesh - Apr 22, 2026Hindi

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Question by Chandan - Apr 21, 2026Hindi

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I got 90.94 percentile in jee with OBC category with AIR 141046 and catagory rank around 47000 and I am from odisha What advice for me.???

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Asked by Anonymous - Apr 21, 2026Hindi

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My ward has got 71812 rank in jee mains 2026.which NIT we can expect for mechanical or chemical engineering.kindly suggest.

Ans: Target lower NITs like NIT Raipur, NIT Agartala, NIT Srinagar, or NIT Silchar (better chances with home state/quota).

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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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