Gift from daughter to mother

Page no : 2

Arif Ali (Apt Co Advisory) (1230 Points)
Replied 20 February 2015

Hi Ritesh,

Please ignore my previous opinion.

Here in this case clubbing provisoin will not apply because nothing section provides in Income tax act which apply for clubbing provision in case of mother and daughter relation.

Meaning thereby if mother earns income on by investing this gifted money, then it will be taxed in hand of mother only.

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PSPSPS (Practicing) (1344 Points)
Replied 20 February 2015

Ritesh I have posted a PM to you regarding your Query for Clubbing Provisions applicability. It will not be applicable in your case

avinash singh (Student) (122 Points)
Replied 21 February 2015

Gifts under section 56(2)(vi) of the Income Tax Act, 1961

Where any sum of money, the aggregate value of which exceeds Rs.50,000, is received without consideration by individual/HUF, the whole of aggregate value is taxable as income from other sources.

Vishal Goel (Chartered Accountant) (1693 Points)
Replied 23 February 2015

Originally posted by : avinash singh
	Gifts under section 56(2)(vi) of the Income Tax Act, 1961 Where any sum of money, the aggregate value of which exceeds Rs.50,000, is received without consideration by individual/HUF, the whole of aggregate value is taxable as income from other sources.

This provisoin will not apply :

Mother Daughter ( Even Though Married ) fall under the defination of Relative under I T Act, Hence Gifts from Relatives of any amount is Tax Free.

avinash singh (Student) (122 Points)
Replied 23 February 2015

Originally posted by : Vishal Goel

Originally posted by : avinash singh

Gifts under section 56(2)(vi) of the Income Tax Act, 1961

Where any sum of money, the aggregate value of which exceeds Rs.50,000, is received without consideration by individual/HUF, the whole of aggregate value is taxable as income from other sources.

This provisoin will not apply :

Mother Daughter ( Even Though Married ) fall under the defination of Relative under I T Act, Hence Gifts from Relatives of any amount is Tax Free.

Dear Sir please correct me if i wrong:

the Gifts received from any of relatives are fully exempt from tax;

Spouse of the individual, Brother or sister of the individual, Brother or sister of the spouse of the individual Brother or sister of either of the parents of the individual