Huf tax benefit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 May 2015
Dear Sir,
If my father give me a more than Rs.50,000/- by chq/cash then what will be the tax effect....
If my father give me a more than Rs.50,000/- by chq/cash then what will be the tax effect....
11 May 2015
No tax effect as gift received from relative is exempt.
11 May 2015
covered u/s 56 definition of relatives hence no tax is applicable.
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