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
(Expert)
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.
You may refer Section 56 for taking or making taxable gifts.
28 May 2011
No Tax implication as the same is exempt from tax u/s 56(2)(vii).
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)
(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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