Taxation of gifts
This query is : Resolved
Abhishek Roy Choudhury
(Querist)
14 February 2017
Dear Sir,
An Assesse has received gift by way of cheque from his daughter. Whether gift received from daughter is taxable or not in the hands of the Assesse.
Thanks,
Abhishek.
An Assesse has received gift by way of cheque from his daughter. Whether gift received from daughter is taxable or not in the hands of the Assesse.
Thanks,
Abhishek.
14 February 2017
Here the assessee has received gift from his daughter. Daughter is a lineal descendant of the assessee and is covered in the definition of relative. Gifts received from relatives are exempt in the hands of the assessee.
Hence no taxability arises in this case.
Hence no taxability arises in this case.
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