treatment of cash gift

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Ajay S

Ajay S (Querist)
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25 February 2011 Dear team

What is the treatment of cash gift rs. 51000 received from mother? Mother is NRI.

PINKESH JAIN

PINKESH JAIN (Expert)
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25 February 2011 Dnt worry Dear!!
The gift from Mother is not taxble.
The amount and the status of mother does not make any difference.

Refer Section 56(2)(vi)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 February 2011 The gift will not be taxable even if you receive Rs 510000/- from NRI mother.
Refer Section 56(2)(vii)

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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08 March 2011 Hi,
Gifts from Relatives are not Taxable, Residencial Status of the Donor does not matter. Therefore Gift received from Mother is not Taxable. Please Refer Section 56(2)(vii)

Thank you,

Regards
CA.Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons