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Gift of 50000 cash from father

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CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 12 December 2013

gift receiv ed from father is not taxable                                 



PRITI TRIPATHI (Inter C.A. Pursuing C.A. Final)   (44 Points)
Replied 14 December 2013

It is not taxable..There is no limit on amount in case of any gift received from relatives.


Amit khandelwal (students) (26 Points)
Replied 14 December 2013

Gift to father is tax free but any income earned out investing the gift amount will be taxed in the hand of father And for mitul Accounting entry will be similar to other loan entry


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