i agreed with Mr. Deepak

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....

Received gift is not taxable as per my knowledge

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.

IF THE GIFT IS RECIEVED FROM A RELATIVE AS DEFINED U/S 562(vi), THEN THE AMOUNT RECIEVED WILL NOT BE TAXABLE.