treatment of cash gift
This query is : Resolved
25 February 2011
Dear team
What is the treatment of cash gift rs. 51000 received from mother? Mother is NRI.
What is the treatment of cash gift rs. 51000 received from mother? Mother is NRI.
PINKESH JAIN
(Expert)
25 February 2011
Dnt worry Dear!!
The gift from Mother is not taxble.
The amount and the status of mother does not make any difference.
Refer Section 56(2)(vi)
The gift from Mother is not taxble.
The amount and the status of mother does not make any difference.
Refer Section 56(2)(vi)
CA PARAS BAFNA
(Expert)
25 February 2011
The gift will not be taxable even if you receive Rs 510000/- from NRI mother.
Refer Section 56(2)(vii)
Refer Section 56(2)(vii)
CA. Lohith Jagadeesh
(Expert)
08 March 2011
Hi,
Gifts from Relatives are not Taxable, Residencial Status of the Donor does not matter. Therefore Gift received from Mother is not Taxable. Please Refer Section 56(2)(vii)
Thank you,
Regards
CA.Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Gifts from Relatives are not Taxable, Residencial Status of the Donor does not matter. Therefore Gift received from Mother is not Taxable. Please Refer Section 56(2)(vii)
Thank you,
Regards
CA.Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Foriegn assets disclosure
- Number of years as per AS amortisation of Goodwill
- Additional trade name
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
