If your maternal father gifts you something is it taxable
Menu
gift
Replies (4)
yaar Gaurav,
maternal father is not covered in the definition of relative. so, taxable
ACCORDING TO MY KNOWLEDGE AND INCOME TAX ACT MATERNAL FATHER IS COVERED UNDER RELATIVE.. SO ITS NOT TAXABLE.. BUT A CASE OCCURS IS THE GIFT IS GIVEN BEFORE MARRIAGE OR AFTER..
Gift received from blood relatives will not be taxable. In other case gift will be taxable if its upper of Rs. 5000.
THANKS FOR CLARIFICATION
Recent Topics :
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
Related Topics :
CAclubindia
