Gift by son to father
This query is : Resolved
20 March 2024
A father,PSU bank pensioner, receives gift of 500000/- from his son -a govt. emloyee to start a trading business. What is the tax liability of both at the time of receipt and after earning the profit from trading business. Is the son liable for tax in profit ? please guide
20 March 2024
At the time of receipt gift to relative exempt.
Son is not liable for tax on profit.
Son is not liable for tax on profit.
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