Is income taxable in the hands of receiver
This query is : Resolved
05 August 2017
My father transferred 20 lakh for me on behalf for share of his house from the retirement money he received.is IT taxable for me as gift tax
CA Rashmi Gandhi
(Expert)
05 August 2017
No tax levied as gift received from relative is exempted.
05 August 2017
No. Gift tax act,1958 was abolished in 1997. More over both the donor as well as the recipient did not have to pay any tax on the said gift since both are relatives as defined in explanation (e) to section 56(2)(vii) of the Income tax Act,1961.
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