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Cash deposited in bank upto rs. 10 lac

Neil (Accountant Assistant) (67 Points)

19 January 2016

Sir, one of my client has recd Rs. 10 Lac from his Father, after his father sold an Immovable property. Whether it is taxable or Not ?

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12 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 19 January 2016

It is not taxable. Any gift from father is exempt from tax.

CS Advocate Abhishek Goyal (M Com FCS LLB M-AIMA ) (13542 Points)
Replied 19 January 2016

Yes gift from relative is exempt in the hands of recipient.

sagar (1) (43 Points)
Replied 19 January 2016

capital gains taxable in the hands of father

AWDESH MAURYA (Student CA Final ) (48 Points)
Replied 19 January 2016

I agree with Mr sagar

NEELAM (CA ARTICLE) (29 Points)
Replied 19 January 2016

Poornima and sagar are correct

NEELAM (CA ARTICLE) (29 Points)
Replied 19 January 2016

Poornima and sagar are correct

lalkrushn (Apprentice) (35 Points)
Replied 19 January 2016

Any gift received from father is exempt in the hands of receipient i.e. Son but if any income earn from such gift is taxable in the hands of Father i.e.. Clubbed in Father's income. N capital gain arise from such asset sold is taxable in the hands of father.

lalkrushn (Apprentice) (35 Points)
Replied 19 January 2016

cvravindra (Job) (61 Points)
Replied 20 January 2016

As per proviso to sec 56(2) vii, if any gifts are received from his relatives then it is not taxable. Hence in this case cash received by son from his father and so not taxable.

Kamal vashist (Accountant) (183 Points)
Replied 21 January 2016

Yes it is totally taxable u/h Capital gain in his fathers account on the other hand his son got the gift from his father it is also taxable. It is considered as a taxable because any gift received from any family member or any other releative which is above Rs 50000 is totally taxable in the hand of recepitent. It is considered as Income of Other Source