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
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