Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2011 suppose one takes from his father Rs. 40000/- in cash and Rs. 200000 in cheques. Kindly tell me tax implication?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 May 2011 Since father is a relative, gifts received in cash or by cheque are not taxable.

You may refer Section 56 for taking or making taxable gifts.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 May 2011 No Tax implication as the same is exempt from tax u/s 56(2)(vii).

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 May 2011 Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi)

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