GIFT FROM FATHER

E S S PRABHAKAR (accounts) (71 Points)

05 August 2009  

DEAR SIR/S,

I HAVE TAKEN AN AMOUNT OF RS.5,00,000/- IN CASH FROM FATHER AS GIFT IN THE YEAR 2006. IS IT TAXABLE UNDER GIFT TAX OR ANY OTHER LAW? MY FATHER IS RETIRED STATE GOVT.EMPLOYEE AND OUT OF RETIREMENT BENIFITS HE HAS GIVEN THE MONEY. AND MY SELF AND MY FATHER IS NOT THE INCOME TAX ASSESSEE. KINDLY LET ME KNOW  TAXABLE OR NOT WITH SECTIONS.

THANKS TO ONE ALL...PLEASE GIVE ME QUCIK REPLY.