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Gift

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(Querist)
02 September 2013 1 father has given 10 lacs to his son through online transfer.

2 son has transferred 10 lacs to father through online transfer

what will be taxability?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
02 September 2013 No taxabilty Gift to relative is exempt from Tax.
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
02 September 2013 Gift from relatives are exempt
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
02 September 2013 As per explaination to sec 56(2) gift received from relatives is not taxable.
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VISWANIVAS

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VISWANIVAS (Expert)
02 September 2013 Father to son and son to mother makes some sense.
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