DO YOU HAVE A QUERY?
The money that you have been transferring to your granddaughter will not be taxable in her hands. According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable. Also, neither of you not need to furnish the gift details when filing tax returns.
I just sold a plot of land, which I had purchased two years ago, and made a profit. What will be my tax liability?
I am an 82-year-old pensioner and I gift 12,000 every month to my granddaughter. Are we required to show this in our tax returns?