Gift from daughter
This query is : Resolved
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
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
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.
After gifting if its invested and income is earned then its taxable in the hands of father as his income.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Soyabean hsn code and gst rate
- Last year TDS Claim
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- TDS related Query_Liquidated Damages
- Long Term Service award taxability in hands of company
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
