Gift taxable or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2013
Mr. A is son of Mr. B. In the books of A, there is a loan from B. Now during FY 2013-14, B is giving gift to his son A by cash/cheque. Mr. A wishes to pay back the loan of B out of the gift received from B only. Can he do so or there would be any problem w.r.t Income Tax Rules?
CA UMESH DULAL
(Expert)
18 June 2013
Gift received from father is exempted from Income tax
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Ajay Mishra
(Expert)
19 June 2013
Agree with expert.
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Guest
Guest
(Expert)
20 June 2013
Make sure provisions of section 269ss and 269 T are satisfied
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