Taxation Of Gift
This query is : Resolved
CA ABHAY SHAH
(Querist)
28 March 2011
i wanted to know about the taxablility of Gift which is given by a daughter to his father is it exempted or taxable?
CA. Lohith Jagadeesh
(Expert)
30 March 2011
Hi,
It is covered under the provisions of Sec 56(2)(vii).
Gifts recieved from Relatives are exempt.
Since Daughter & Father are relatives, it will be exempt.
Thank you,
Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
It is covered under the provisions of Sec 56(2)(vii).
Gifts recieved from Relatives are exempt.
Since Daughter & Father are relatives, it will be exempt.
Thank you,
Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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