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If a person gives a gift of Rs. 300000 to his mother, what would be tax liability??
Is there any document required??
Replies (5)
No, there shall be no tax liability. It will be tax-free in the hands of the mother. A documentary proof of the gift is useful.
Thanx Mihir
But can u give me its reasn??
Because mother is relative as per section 56(2)(vii) of income tax act and gifts from relative is exempt. regards make gifts under a gift deed ... regards
Is there any tax liability under any other law??? i.e. Gift Tax Act etc.
gift tax acts have been abolished and the provisions have been incorporated in income tax act.
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