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gift
can I take gift from my mother rs 1000000. is it exempt from tax?
Replies (2)
Yes.. its all exempt both in your hands as well as in the hands of your mother.
Remember to prepare and record a gift deed for this purpose as this would serve as an evidence in case of any clarification required by the Department regarding the source of such income in the hands of recipient.
Remember to prepare and record a gift deed for this purpose as this would serve as an evidence in case of any clarification required by the Department regarding the source of such income in the hands of recipient.
Agree with Hitesh Ji
It is exempted in your hand.
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