cash received from son will it be taxable
This query is : Resolved
24 October 2016
please advice as per indian income tax section 56 (2) which said gifted income more than 50000 or property is taxable in the hand of receiver but that clause shall not apply to any sum of money received from any relative...again that section specified "relative means":
a. spouse of the individual
b. brother or sister of the spouse of the individual
c. brother or sister of either of the parents of the individual
d. brother or sister of the spouse of the individual
e. any lineal ascendant or descendant of the individual
f. any lineal ascendant or descendant of spouse of the individual
so need yur advice will that money which i have received from son is treated as gifted money and sure receiver have not to pay any tax on that money...
second thing what is clubbing provision ..will it be applicable in my case because i will invest it fixed deposit
25 October 2016
Yes it shall be treated as Gift and this will not be taxable u/s 56(2). Further, clubbing shall not be attracted in your case.
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