Gift from daughter

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JAYAKUMAR.M.G

JAYAKUMAR.M.G (Querist)
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20 August 2013 Sir
Inrespect of an assesee who is in receipt of gift by way of Foreign remittance and transfer from NRO account to her father around Rs 50Lakhs and the father is going to invest in his business.In this connection whether any tax liability in the hands of the recepient?.
RGDS

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 August 2013 Gift by a relative is exempted under sec 56(2) and daughter and father are relative.

After gifting if its invested and income is earned then its taxable in the hands of father as his income.

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