I receive money from my Daughter. Is it taxable?

My Daughter Living Abroad Send Me Rs.40000/- Per Month For My Well-being. Would This Be Considered As My Income?

Answers (2)

Team Legistify

  • Sector-1, Noida

No, As your child is the income earner it won’t be considered as your Income and is not taxable under Income Tax

Answered on 28 Sep 2018


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Aayushi Sang

  • Sector-1, Noida

The Indian tax laws do not contain mandatory provisions to have a gift deed (a registered legal document with appropriate witnesses) in case of transfer by way of gifts. However, it is always preferred to have a gift deed so as to avoid any gift being considered as taxable or being considered as unexplained cash, investments or assets. Though there is no tax on gifts, all gifts in excess of Rs 50,000 (other than those from relatives) and income generated through them get clubbed with the recipient's taxable income.

However, income earned by assets gifted to minor children, spouse and son's spouse is included in the income of the donor for taxation. If you want the money earned to be treated as independent income of your minor children, spouse or son's spouse, you will have to prove that the recipients had used their own acumen for making money from the gifted assets.

Answered on 04 Feb 2020


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