Money received from parents from uk
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 April 2013
I am going to marry in 2 months & I have already received Rs. 600000 from my parents in F.Y. 2012-13 for marriage expense in my sbi account directly. my parents are UK citizen. They are now again going to send me another rs. 500000 to my account in f.y 2013-14. please explain me what is tax applicability on it? with section if possible
19 April 2013
Gift from parents is no taxable in the hands of the child u/s 56(2)(vii).
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