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Gift

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(Querist)
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?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
31 March 2010 NO.NOT TAXABLE IN THE HANDS OF RECEIPIENT. PLEASE SEE PROV OF SEC 56(2)(vi)/(vii).
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Prakash

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Prakash (Expert)
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
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