Can i take gift of Rs 1,00,000/-(by cheque) from my mother, so that i can pay my downpayment for the purchase of flat. The Agreement shows joined names (Me & my father). My father will not pay any thing for the flat. I will pay the balance amount.What will be the tax consequences
GIFT RECEIVED FROM A RELATIVE IS EXEMPTED FROM PAYMENT OF TAX, IF HE/SHE IS NOT A RELATIVE THEN IT IS EXEMPTED TO THE EXTENT OF RS. 25000 AND IF THE AMOUNT OF GIFT RECEIVED FROM NON RELATIVE EXCEEDS 25000 THE WHOLE AMOUNT WILL BE SUBJECTED TO TAX UNDER THE HEAD INCOME FROM OTHER SOURCES.
Prior to amendment gift received from persons otherthan relatives is taxable if the gift amount is Rs.25000/- per gift in cash. After amendment the gift from the same person is taxable if it crosses Rs.50000/- in cash in aggregate during the year and not per gift transaction. (Other than the exemptions given)
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