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cash given by father
if father retired from govt. service and gives 15 laks to hi son ,what tax related formalities fill by both?....
Replies (2)
if you makeing the balance sheet of both then in your father's balance sheet you have to show 15 lakhs gift to son in "drawings". and in son's balance sheet you have to show 15 lakh gift received from father in "other receipt".
in IT return file normal return. you dont have to show anything. in blood relation situation there will be no tax
in IT return file normal return. you dont have to show anything. in blood relation situation there will be no tax
gift from father is exempted. so just show exempted income schedule
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