16 April 2021
My son gave Gift of Rs 500000 to his mother in April 2021.Now my son wants to give gift of Rs500000/ to me. Can he give this gift amount received from my wife to me. What will be Taxable Liability to me and my son?
16 April 2021
No tax liability to you and your son. Gift to relative exempt from tax. Clubbing provisions applicable on income earned from the gift given to spouse directly or indirectly.
CAclubindia
