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Gift taxable or not

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Querist : Anonymous

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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?
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
18 June 2013 Gift received from father is exempted from Income tax
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Ajay Mishra

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Ajay Mishra (Expert)
19 June 2013 Agree with expert.
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Guest

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Guest (Expert)
20 June 2013 Make sure provisions of section 269ss and 269 T are satisfied
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