Transfer money to relatives

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2015 hello everyone...
i need help/advice from expert for my query please ... your response will b valuable for me.

my query is :
if any relative say(som) transfer to his father(father is on the govt. job) one laks every month then what are the whole circumstances for income tax. shall receiver have to show that income in his return? or is there any exemption for depositor.

2nd

if any one transfer 500000-100000 to his relative ( say father mother and sister) by rotation. the who r liable for that income to fill return?

and how much a person can transfer money to his relative in a financial year without giving effect to income tax..

please help

thank you in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 October 2015 1 Show the gift received from son under exempted income in his return.
2 Gift to relatives not taxable no limit.

Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2015 please explain as a whole ... i really didn't get it ...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 October 2015 In the income tax return space provided for disclosing exempted income show gift from relatives under exempted income.
No tax payable on gift to relatives(close) defined under income tax. No limit for such gifts.

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