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Gift
if father gives 20 lakh as a gift in cash to his son... wether it is taxable or not
plzz also give me provision regarding gift
Replies (5)
No, it is not taxable. Execute the gift deed to avoid future litigation.
Refer the below link
/articles/detailed-analysis-gifts-taxation-under-it-act-20955.asp#.U7rOY_mSyVY
it wont be taxable but the father is required to pay that amt. by any mode other than cash.
No Gift to relatives not taxable. Check out section 56(2)(vii)
Mr.Tribhuvan, there is no compulsion to pay by a mode otherwise than by cash. That compulsion exists for loans and deposits (u/s 269SS and 269T)
Yeah mr. Amit is right there is no compulsion regarding the mode of gift it may be in Cash or kin, any gift given to a family member or any relative is tax free it is taxable only if it is given to any outsiders and that too if the value of gift exceeds rs 50000
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