Gift in Cash to Blood Relative
This query is : Resolved
Tarang Vyas
(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?
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?
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.
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.
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.
If the above is ok then no problem.
CA Ashok Kumar Sahu
(Expert)
01 April 2010
no taxable, agree with adityaji
Tarang Vyas
(Querist)
02 April 2010
Thank you, Adityaji
Tarang Vyas
(Querist)
02 April 2010
Thank you, Ashokji
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