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
Aditya Maheshwari
(Expert)
19 April 2013
Gift from parents is no taxable in the hands of the child u/s 56(2)(vii).
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