i agreed with Mr. Deepak
cash received from father
Page no : 2
Arjit Singhal
(Ca Final (New) Article Assistant Student )
(107 Points)
Replied 05 June 2010
HIi Guys
I would like to add on for gifts
Gift Deed has been made compulsory.
So to avoid future disputes make gift deed within reasonable time....
Aashish Chandak
(Article Assistant)
(37 Points)
Replied 05 June 2010
Dear jai,
Gifts received from relatives as defined u/s 56(2) (vii) is not taxable in the hands of transferee. Father is relative as per the aforesaid section for tthe purpose of Income Tax.
Master Stroke:- Mr. Thomas Edision failed for 17,000 times in his experiment to invent bulb.
Thanks.
PRATEEK
(ACA)
(102 Points)
Replied 10 June 2010
IF THE GIFT IS RECIEVED FROM A RELATIVE AS DEFINED U/S 562(vi), THEN THE AMOUNT RECIEVED WILL NOT BE TAXABLE.
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