Gift paid by assessee
This query is : Resolved
17 June 2014
If assessee (Salaried person) paid cash as a gift to his parents for more than 50000 then the whole amount of that gift shall be taxable in the hands of his parents, and assessee do not have to pay tax on that amount. am i correct?
If no then please tell me the reason and is there any loopwhole on that kind of transfer?
If no then please tell me the reason and is there any loopwhole on that kind of transfer?
17 June 2014
Assessee is not liable .Parents also not liable because Gifts received from specified relatives are not liable to tax.
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