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.
Message likes :
1 times
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 :
1 times
15 July 2013
Yes I agree with the expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
