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Author Topic: Tax Treatment of Cash Gifted to GPA holder by his Mother and Uncle (Principals)  (Read 287 times)

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Offline DusterBoy

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I was a Registered General Power of Attorney Holder for a joint property owned by my Mother and my paternal Uncle. The said joint property was 8 Guntha Land situated within Municipality council limit and both owners had equal right  (i e  4 Guntha ) in it. This was a self acquired land property of both owners.
I converted the said property from Agricultural Land to NA and later sold it for sale consideration of 17 Lakh Rupees as per rights that were given to me by GPA.  I received the Sale Consideration Amount in my Name , in the form of Demand Draft on behalf of My Mother and my Uncle (Principals).
Then after when I deposited DD in my bank Account, Both the Owners/Principals (My Mother & My Uncle) decided to gift this Sum of Money (17 Lakh Rs.) to me out of love and affection and as my wedding gift on the occassion of my marriage. My wedding took place on 25/11/16 and Principals (My mother & My Uncle) legally relinquished their rights on Sale consideration on 08/12/16 by the way of Notarized Document on 500 Rs Stamp paper stating that they are gifting me this sale consideration amount of 17L on the occasion of my marriage and that it is a wedding gift out of love and affection and that I need not to pay this sum of money back to them ever. Coincidentally Demand Draft got cleared in my Account on 08.12.16 itself.
So in short, The sale consideration of 17L Rs has become mine. But what are the Tax Implications of such Gift when Donors have not physically gifted me Amount by writing Cheques or alike but rather they forfeited their legal Claim on the money which I received on their behalf. Who is Supposed to pay income tax on this amount of 17 Lakh Rs ?  Remember, I received Sale Consideration on their behalf which later they gifted me by way of relinquishing their rights on it. Please Explain Tax Treatment for above Case. Am I supposed to pay tax on it or They do ?
« Last Edit: December 15, 2016, 05:43:02 AM by DusterBoy »

 

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