Cash gift to fathar
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2015
Dear sir
my client has given rs 100000 cash to his father as gift, plz let me know weather it is taxable or not...
thanks in advance...
my client has given rs 100000 cash to his father as gift, plz let me know weather it is taxable or not...
thanks in advance...
11 September 2015
A gift transaction between father and son is not taxable in the hands of either of them as gift from relatives is exempt. Both can give gift to each other safely without any tax implications.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2015
Dear sir
i am confused about the cash in gift.. because some chartered accountant has told, the cash in gift is taxable....
plz confirm this...
i am confused about the cash in gift.. because some chartered accountant has told, the cash in gift is taxable....
plz confirm this...
11 September 2015
Hi Mr. As per Income tax Act, there is no such provision to tax cash gifts between father and son.
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