Gift received from father
This query is : Resolved
08 August 2014
i have received a gift from my father sum of Rs 500000 ( in cash or kind ) is it taxable or not? AY 2014-15
08 August 2014
Exempted from Tax.
As per the Income tax act, the Gifts received from any of your relatives are fully exempt from tax. Whether you are received the gifts as Cash, Cheque or any goods. You are not liable to pay the tax for these gifts. Here the relatives term defines by the Income Tax act as follows :
# Spouse of the individual
# Brother or sister of the individual
# Brother or sister of the spouse of the individual
# Brother or sister of either of the parents of the individual
# Any lineal ascendant or descendant of the individual
# Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (ii) to (vi).
As per the Income tax act, the Gifts received from any of your relatives are fully exempt from tax. Whether you are received the gifts as Cash, Cheque or any goods. You are not liable to pay the tax for these gifts. Here the relatives term defines by the Income Tax act as follows :
# Spouse of the individual
# Brother or sister of the individual
# Brother or sister of the spouse of the individual
# Brother or sister of either of the parents of the individual
# Any lineal ascendant or descendant of the individual
# Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (ii) to (vi).
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08 August 2014
Agree with Sanjay
22 August 2014
IS IT TAXABLE FOR MY FATHER OR NOT?
22 August 2014
No. Not taxable for your father as well.
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22 August 2014
सर
मेरे पापा आर्मी से रिटायर्ड है तो वहा से उनकी पेंशन आ रही है तथा वर्तमान में वो रेलवे में जॉब कर रहे है तो वह से उनकी सैलरी आ रही है और दोनों ही तरफ से टीडीएस काटा गया है और मेरी शादी नवम्बर 2013 में हुई तो पापा ने 500000 का गिफ्ट मुझे शादी में दिया था तो क्या मेरे पापा इसे EXEMPTION में दिखा कर टीडीएस क्लेम कर सकते है
मेरे पापा आर्मी से रिटायर्ड है तो वहा से उनकी पेंशन आ रही है तथा वर्तमान में वो रेलवे में जॉब कर रहे है तो वह से उनकी सैलरी आ रही है और दोनों ही तरफ से टीडीएस काटा गया है और मेरी शादी नवम्बर 2013 में हुई तो पापा ने 500000 का गिफ्ट मुझे शादी में दिया था तो क्या मेरे पापा इसे EXEMPTION में दिखा कर टीडीएस क्लेम कर सकते है
23 August 2014
No, he can not.
26 August 2014
किसका रिप्लाई सही माने ?
05 September 2014
Papa ka income Exempt nahi hai papa ne tumko jo gift diya hai uska koi Tax Impact nahi padega. Par gift amount ke liye koi deduction nahi hai. Unka jo income hai uspe unko tax dena padega.
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