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2 months ago

information about giving a Money Gift to my son through Banking Channels. (I am a pension holder of 68 years of Indian Resident and live in Kolkata. Every year, I file ITR on time and I do not pay income tax after my retirement due to no tax liability on me. My son (only child) is married and lives in Delhi with his wife and works in a private company. My son also files ITR-1 on time every year. They want to buy a small house for themselves. To buy his house, I want to give / deposit my own funds / self-earned income (legal) approx. Rs. 20 lakh rupees in my son's bank account as a Gift, out of natural love and affection and without consideration. Sir, in the above situation, kindly oblige me by giving your valuable suggestions on the following points so that, in future, both of us do not have to face any notice or trouble from the Income Tax Department regarding this transaction and tax :- 1. I, should I transfer this entire amount to my son's account in one lump sum or installments ? 2. Can I transfer these installations by check or online or both, as it is convenient for me ? 3. In my said Rs. 20 lakh, income from ST/LT Capital Gain of some mutual funds is also included. So will I have to file ITR-2 in the coming next AY ? 4. That income of 20 lakhs of my son would probably be under the "Exempted Income" head of ITR, if so where would he have to show the income from gifts received in his ITR-1? 5. As a Gift, will I (donor) or my son (recipient) not have to pay income tax in any way? 6. For the said gift, if both of us prepare like a "Gift Deed" on a plain paper at our end and keep it with both of us, is it enough, especially for the Income Tax Department? We don't want to rush in this Covid Pandemic situation to get the non-judicial stamp paper and that gift-deed registered. Due to lack of complete information about the above, both of us are a little worried because in the present era only an honest person is afraid in matters like above. Due to lack of complete knowledge of laws, sometimes even honest people have to face a lot of trouble and hassles in such cases. Many thanks. Looking forward to your advice at the earliest, for which I will be eternally grateful to you.)

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