Taxing of gifts
This query is : Open
29 November 2016
Sir lets assume Mr X has 2 acres of land . He sold the land for 2 crores . He also pays long term capital gains tax @20 on 2 crs and remits the balance amount to his son's a/c as a gift . My question is , is the son liable to pay income tax personally or not ?
29 November 2016
Son is not personally liable to pay any tax on gift amount received.
29 November 2016
Yes, son fall under the scope of relatives as defined under income tax act, no tax on the hands of relativeon receiving such gift. Hence no tax on son's hand.
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