Taxability of cash received as gift from son residing in for
This query is : Resolved
28 March 2013
Mr.X resides in India & he & his wife received cash,as gift from his son who is residing in foreign out of his tax free income.IS Cash received from son is taxable in hands of Mr X & his wife.
28 March 2013
Not taxable in the hands Mr X and his Wife. Gift received from relatives is exempt from tax.
28 March 2013
Sir gift is received from tax free income. still it is tax free in hands of Mr X & his wife
28 March 2013
Yes it will be exempt from Tax in the hands of Mr X and Wife.
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