How To Treat Gift From Father
This query is : Resolved
03 July 2008
What will be my tax liability if i receive a gift from my father.
03 July 2008
Gift from a relative is exempted...the word RELATIVE includes FATHER
03 July 2008
As per Sec-56 clause (vi)of Income Tax Act,1961 any amount of sum received without consideration from the relatives upto Rs. 50,000 is exempt from tax and relatives include Father also.
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