Liabily of gift in income tax act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 March 2012
Dear
I recd. the gift Rs 765000/- from my father. Is it liable to gift tax to me? or what is the procedure in my computation of income & my father's income? Kindly briefly advice me.
Thanks & regards
I recd. the gift Rs 765000/- from my father. Is it liable to gift tax to me? or what is the procedure in my computation of income & my father's income? Kindly briefly advice me.
Thanks & regards
31 March 2012
Since the gift has been received from a relative the same is exempt in your hands.
There is no tax liability either in your hands or in the hands of your father.
However, your father must be able to substantiate the source of such gift.
There is no tax liability either in your hands or in the hands of your father.
However, your father must be able to substantiate the source of such gift.
31 March 2012
Dear,
Take care of clubbing provision, if you earn income through the Gifted amount.
Thanks
Mihir Doshi
Take care of clubbing provision, if you earn income through the Gifted amount.
Thanks
Mihir Doshi
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
