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Tax liability in case of father receives gift from his son or relative

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(Querist)
11 December 2024 If the father receives money from his son and close relatives as gift ,what tax liability arise either party
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
11 December 2024 Gift received from 'Relatives' as defined u/s. 56(2) IT act. e.g. Son, daughter etc. are exempt under income tax act.
for list of relatives...
Refer: https://www.caclubindia.com/forum/list-of-relatives-under-section-56-2--540887.asp
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