Tax liability in case of father receives gift from his son or relative
This query is : Resolved
Mohanbhai Gohel
(Querist)
11 December 2024
If the father receives money from his son and close relatives as gift ,what tax liability arise either party
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
for list of relatives...
Refer: https://www.caclubindia.com/forum/list-of-relatives-under-section-56-2--540887.asp
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