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Gift

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(Querist)
02 August 2012 My father and mother each going to give me a gift for Rs.5,00,000/- during the financial year 2012-13. Is it taxable ? what legal procedure to be followed to take such gift ? Please suggest.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
02 August 2012 Gift received from Mother and Father is exempt from TAX as Gift Received from relatives are exempt from Tax..

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi)

Just execute a gift deed for records and income tax purpose.
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