Cash deposited in bank upto rs. 10 lac
Sir, one of my client has recd Rs. 10 Lac from his Father, after his father sold an Immovable property.
Whether it is taxable or Not ?
Replies (12)
It is not taxable. Any gift from father is exempt from tax.
Yes gift from relative is exempt in the hands of recipient.
capital gains taxable in the hands of father
I agree with Mr sagar
Poornima and sagar are correct
Poornima and sagar are correct
Any gift received from father is exempt in the hands of receipient i.e. Son but if any income earn from such gift is taxable in the hands of Father i.e.. Clubbed in Father's income. N capital gain arise from such asset sold is taxable in the hands of father.
Any gift received from father is exempt in the hands of receipient i.e. Son but if any income earn from such gift is taxable in the hands of Father i.e.. Clubbed in Father's income. N capital gain arise from such asset sold is taxable in the hands of father.
Any gift received from father is exempt in the hands of receipient i.e. Son but if any income earn from such gift is taxable in the hands of Father i.e.. Clubbed in Father's income. N capital gain arise from such asset sold is taxable in the hands of father.
As per proviso to sec 56(2) vii, if any gifts are received from his relatives then it is not taxable.
Hence in this case cash received by son from his father and so not taxable.
Yes it is totally taxable u/h Capital gain in his fathers account on the other hand his son got the gift from his father it is also taxable. It is considered as a taxable because any gift received from any family member or any other releative which is above Rs 50000 is totally taxable in the hand of recepitent. It is considered as Income of Other Source
Hello , If son is major then clubbing provision will not apply...
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