Regarding gift
This query is : Resolved
30 April 2015
hello experts,
Gift received from relative is fully exempt as per provision of income tax act. In definition of relative Children are also included.
So can parents receive gift from Minor child ? will it be exempt as per sec-56 ?
Gift received from relative is fully exempt as per provision of income tax act. In definition of relative Children are also included.
So can parents receive gift from Minor child ? will it be exempt as per sec-56 ?
30 April 2015
Yes gift can be received from minor child and it will be exempt as per sec-56.
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