Gift received in cash
This query is : Resolved
kumar manoj
(Querist)
03 September 2012
Dear all
if an individual received gift in cash (Rs. 800000) from his father, will this receipt attract income tax.
Further, father has only source of income i.e. agricultural income
if an individual received gift in cash (Rs. 800000) from his father, will this receipt attract income tax.
Further, father has only source of income i.e. agricultural income
03 September 2012
Gift received from father is exempt.
kumar manoj
(Querist)
03 September 2012
Dear Sir
Please elaborate in detail with reference of relevant section
Please elaborate in detail with reference of relevant section
Praveen Kumar Rathi
(Expert)
03 September 2012
It will not make any difference whether you receive via cheque or via cash , but for safer side we prefer to get gift via cheque with a Gift Deed.and further the gift received from specified relatives is exempt.
Prakash Kochar
(Expert)
06 September 2012
Gift received from father is exempt from Income Tax whether it is by way of cash or cheque, subject to genuineness of transaction, source of amount gifted, availability of fund for gift etc.
10 September 2012
It is exempt u/s 56(2)(vii) of the Income Tax Act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Non filing of I T Returns
- TDS on Fixed Assets purchased
- SALARY CAN BE CAPITALIZE
- TDS on purchase of under construction property from a reseller
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
