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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- 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
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
