Gift received from father
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 November 2013
Mr.A gifted a cheque of Rs.13,50,000/- to his Son Mr.B. who is living with him only. Can you pls tell me in this case Tax will be exempted. If not who will be liable to pay Tax.
pls help me by your reply.
thanks.
pls help me by your reply.
thanks.
CA PARAS BAFNA
(Expert)
08 November 2013
There is no tax incidence as gift received from a relative is not treated as income.
.
.
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