Gift of 50000 from father
This query is : Resolved
CA SONIYA AGARWAL
(Querist)
11 December 2013
one of my client said he will show as gift received from father every year a cash of Rs.50000/- , what tax consequences will he face and the precedure by which he can accept such gift.
CA PARAS BAFNA
(Expert)
11 December 2013
Prepare a gift deed. Presently gift can be accepted from relatives. There is no tax incidence in the case as son is not a minor.
.
.
Ganeshbabu K
(Expert)
11 December 2013
Gift from relative is always exempt from income tax
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