Money transfer
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2014
Sir,
I am a salaried person, I return my TAX correctly what ever be the income, recently my mother give me a cheque of above 75,000/-.
Now my question is there any problem, is it
an income ?. What is the solution, is there any problem, looking forward for your expert reply...
I am a salaried person, I return my TAX correctly what ever be the income, recently my mother give me a cheque of above 75,000/-.
Now my question is there any problem, is it
an income ?. What is the solution, is there any problem, looking forward for your expert reply...
Nikhil Kaushik
(Expert)
15 August 2014
transfer of money from mother to son/daughter creates no additional tax liability. it is not your income (exempted under section 56(2)
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