cash received from father

Father is relative in terms of  INCOME TAX ACT 1961 and any amount recived from relative is not taxable . hence amount recived from father is not taxable in hands of transfree.

Regards

Madhusudan Kabra

Dear Jai,

More detail is required i:e in which capacity this amount has been receivd?

If received as

>>>> Loan if exceeds Rs. 20K then Sec 269SS will get triggered and penalty of 100% of Loan will be levid otherwise no problem.

>>>> Against Consideration i:e Salary, rent interest, etc >>>> TAXABLE

>>>> Without Consideration i:e As gifts >>>> NOT TAXABLE

YES, THE AMOUNT IS NOT TAXABLE

Dear Jai,

The amt is not taxable only if it received as gift.

Received as a gift not taxable

wondefully explained by Mr. Amir

Hello Mr. Amir yeh loan wala kya chakkar hai

Meine to itna hi padha hai agar gift hai to taxfree hai aur agar income form mein hai to taxable hai

dear amit  actually you not clearly mention whether amount recieved is gift or loan.

assuming amount is gift so whatever amount recieved from father is exempt from tax

becoz father is come under the definition of RELATIVES

Received as a gift is not taxable

HI Priyanka,

Sec 269SS prohibits acceptance of Loan(exceeding 20k) in a manner other than Account payee cheque/draft.

Sec 271D precribes the penalty in case of contravention of Sec 269SS equivalent to the amount of Loan.

Since the question speaks about the receipt in Cash, so there is a possibilty of this section gets activated.

it should be taken in nature of gift and not loan

Originally posted by : priyanka bathwal
	Hello Mr. Amir yeh loan wala kya chakkar hai Meine to itna hi padha hai agar gift hai to taxfree hai aur agar income form mein hai to taxable hai

Ms. Priyanks...

U can take loan from ur father also like any other person.

Take it this way U are in need of money and u want a loan.... Ur father has excess money so he can grant U a loan. (instead of gift..... as this will earn him interest and U will get deduction for interest.)  

Many a time people instead of taking gift take loan from close relatives  for tax planning....!!!

Hope U got yeh Kya Chakkar Hai...

the provisions of section 269ss shall not apply to any loan or deposit where the person from whom the loan or deposit is taken or accepted and the person by whom the loan or deposit is taken or accepted are both having agricultural income and neither of them has any income chargeable to tax under this Act. 

cash received from father is not taxable .Besause he was the relative of the assessee& covered by the defination of relatives u/s56 1(2)