Gift
This query is : Resolved
31 March 2010
What are the provisions applicable when father gives any gift either in cash or in kind to his daughter? Is such a gift is taxable in the case of receipient? Is there any taxplanning for this? if it is taxable..what is the ceiling and relevant provisions?
31 March 2010
NO.NOT TAXABLE IN THE HANDS OF RECEIPIENT. PLEASE SEE PROV OF SEC 56(2)(vi)/(vii).
31 March 2010
Yes I agree with Mr. Sanjay
sec 56(2)clearly excludes Relatives from the taxability. The exeception to sec 56(2)Vi clearly excludes relatives.
Relatives includes lineal ascendent or descendant of individual
sec 56(2)clearly excludes Relatives from the taxability. The exeception to sec 56(2)Vi clearly excludes relatives.
Relatives includes lineal ascendent or descendant of individual
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