Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2013
If Mr. X gifts Rs. 5,00,000/- to his major son, what will be the tax implications of gift as well as income derived from it in the A.Y. 2014-15.
29 May 2013
No tax in the hands of Son since gift from relatives u/s 56(2)(vii) is exempt from Tax.
Income derived from Rs 5 Lacs will be taxed in the hands of Son.
Income derived from Rs 5 Lacs will be taxed in the hands of Son.
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Ganeshbabu K
(Expert)
29 May 2013
Gift received from relative is exempt from income tax u/sec 56(2)(vii)
So Rs.5 lakhs is not taxable in the hands of son
So Rs.5 lakhs is not taxable in the hands of son
Message likes :
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15 July 2013
Yes I agree with the expert
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