banner_ad

Taxing of gifts

This query is : Open 
Profile Image

Profile Image

(Querist)
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 ?
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
29 November 2016 Son is not personally liable to pay any tax on gift amount received.
Profile Image

CA Pallav Singhania

Profile Image

CA Pallav Singhania (Expert)
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.
Profile Image

abhirath

Profile Image

abhirath (Querist)
29 November 2016 Thanks a lot
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details