Gift received from my son by bank

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ARUN GUPTA (Querist)
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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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

ARUN GUPTA

ARUN GUPTA (Querist)
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16 April 2021 Will the gift received from son is indirectly considered as gift from spouse. Pl clarify .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 April 2021 Yes, it's indirect gift.

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Gift received from my son by bank

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