Gift from mother
Snehasis Bose (Manager) (24 Points)
27 November 2013
My mom wants to gift Rs 5 lakhs cash to me. Will it attracts tax and what better way to do the transaction
Snehasis Bose (Manager) (24 Points)
27 November 2013
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 November 2013
No, the gift shall not be taxable. But a documentary proof of this transaction is necessary.
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 27 November 2013
| Originally posted by : Mihir | ||
 |
No, the gift shall not be taxable. But a documentary proof of this transaction is necessary. |  |
Agree with Mihir ji...
sharad rai
(learner )
(178 Points)
Replied 27 November 2013
please tell me about taxability of gift, if gift recieved from other than relative on the occassion of marriage ???
Manoj Garg
(Final student)
(150 Points)
Replied 27 November 2013
no
but u have to deposit 10% in
my account 
SAURABH GHAI
(.)
(58 Points)
Replied 27 November 2013
Nivetha
(Student)
(24 Points)
Replied 27 November 2013
mahesh
(merchant)
(56 Points)
Replied 27 November 2013
CA Srikanth Yadav
(Chartered Accountant)
(3162 Points)
Replied 27 November 2013
Gift received from relatives is exempted from tax. And mother is covered within the definition of relative. Hence no tax will be attracted in your case regardless of what the occassion is.
And if it's on the occassion of your Marriage, even if gift is received from a non-relative, it shall be exempted.
SARAVANAN.M
(PRACTICE)
(83 Points)
Replied 03 December 2013
Dear Friends,
I have a doubt in the above query. If the mother does not have any PAN and not an assessee. But is having the source of Rs. 5 Lakhs. In this case, the above gift is still exempted ?
Thanks advance.
M.SARAVANAN
CAclubindia
