My elder son is in need of marginal money to purchase a new flat. I intend to help him with my retirement funds ..PF/Gratuity. My querry is what precaution be taken in view of tax laws etc....
...Srikant.
Asked on 1/23/13, 4:27 am
2 Answers from Attorneys
Rohini Kumar Tenneti
R.K.1080 LEGAL SERVICES
Either you gift the amount or lend the amount:Effect-Gift is non taxable in both the hands and if its a loan then principle and interest would be given allowed as exemption and deduction in your son's hands and interest would be taxed in your hands provided if you are a taxable assessee as a senior citizen or ordinary citizen.If the answer is not clear you may contact on [email protected]
Answered on 1/23/13, 11:22 am
Jayesh Desai
Jayesh Desai
You need to consult a CA for this purpose - as one needs to study your requirement before advising you.
Answered on 1/24/13, 3:04 am
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