Gift tax
This query is : Resolved
27 November 2012
hellow
i have rec to my father of rupees 1500000 cash gift so that i m liable to tax of this amount
i have rec to my father of rupees 1500000 cash gift so that i m liable to tax of this amount
27 November 2012
Total amount NOT taxable.
Any gift received from a father(relative) not taxable.
Any gift received from a father(relative) not taxable.
27 November 2012
Although the amount is not taxable, however you should be able to substantiate the source of such gift. As you say you have received it from your father, your father will have to substantiate the source of such amount. The amount involved is huge.
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