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Gift in Cash to Blood Relative

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(Querist)
01 April 2010 One of our Client had received Rs.225000/- in A.Y. 2009-10 from his mother and Rs.225000/- in A.Y. 2009-10 from his mother. 1.Is it will be taxable in hands of the client?
2.What are the consequences?
3.What if this was the Client's father's assets who was died earlier and as client was not mature It has been transferred to Client's mother?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
01 April 2010 1. Not taxable
2. In what relation you wat the reply for consequences as there will be no tax implicationa as gift from a relative.
3. No problem.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
01 April 2010 If cash has been been received then only care should be taken that adequate cash balance should be there with the mother and the source of cash with mother should be geniune.

If the above is ok then no problem.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
01 April 2010 no taxable, agree with adityaji
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Tarang Vyas

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Tarang Vyas (Querist)
02 April 2010 Thank you, Adityaji
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Tarang Vyas

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Tarang Vyas (Querist)
02 April 2010 Thank you, Ashokji
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