Taxability of gift received in cash
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2012
Rs 600000 Cash Received from married daughter
by a mother,is it taxable in the hands of mother
by a mother,is it taxable in the hands of mother
Preety Chawda
(Expert)
21 December 2012
As per exceptions to Gift Tax u/s 56(2) of the Income Tax Rule reads as under :
“Provided further that this clause shall not apply to any sum of money or any property received—
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer or donor, as the case may be; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or
(g) from any trust or institution registered under section 12AA.”
Therefore Rs 600000/- cash gift received from married daughter by a mother will not be taxable
“Provided further that this clause shall not apply to any sum of money or any property received—
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer or donor, as the case may be; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or
(g) from any trust or institution registered under section 12AA.”
Therefore Rs 600000/- cash gift received from married daughter by a mother will not be taxable
21 December 2012
I agree with the expert
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CA BHARATH KUMAR
(Expert)
24 December 2012
i agree with above expert
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