Gift section

This query is : Resolved

Mohit Goel (Querist)
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07 June 2015 dear experts please guide me regarding gift received by son from his father rs 200000. will it taxable...??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2015 No. Gift received from father is exempt from tax. Just get a gift deed executed for record.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi)