Father gift
This query is : Resolved
05 April 2012
Father Give a gift to his son who is karta of huf..
But father doesnt file Income tax retrn or he has not pancard..
Gift already taken in 2007 which is approximately around 8 to 9 lacs
Pls Reply..
But father doesnt file Income tax retrn or he has not pancard..
Gift already taken in 2007 which is approximately around 8 to 9 lacs
Pls Reply..
avdhesh varshney
(Expert)
05 April 2012
gift from any parents will not attract tax liability (section 57)
05 April 2012
Also please ensure that the father is able to substantiate the source of income for giving such a huge gift.
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