Income tax on father gifts a sum of 15 Lacs to his son
This query is : Resolved
15 April 2011
Please let me know is there any income tax the person has to give if he receives a sum of 15 lacs from his father.
Also the son doesn't have any other source of income.
Thanks,
Jiten
Also the son doesn't have any other source of income.
Thanks,
Jiten
15 April 2011
No special formalities are there to receive gift.
But in the income tax return to be filed by the father the fact should be mentioned.
The gift deed should be executed.
But in the income tax return to be filed by the father the fact should be mentioned.
The gift deed should be executed.
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