Gift
Mahendra Makhija (Me) (43 Points)
07 February 2014
If a person gives a gift of Rs. 300000 to his mother, what would be tax liability??
Is there any document required??
Mihir
(Wealth Manager)
(5293 Points)
Replied 07 February 2014
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.
Mahendra Makhija
(Me)
(43 Points)
Replied 07 February 2014
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 07 February 2014
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
Mahendra Makhija
(Me)
(43 Points)
Replied 08 February 2014
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 14 February 2014
gift tax acts have been abolished and the provisions have been incorporated in income tax act.
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