Gift of 50000 cash from father

CA ADITYA SHARMA

CA IN PRACTICE

16719 Points Joined May 2011

gift receiv ed from father is not taxable

PRITI TRIPATHI

Inter C.A. Pursuing C.A. Final

44 Points Joined September 2009

It is not taxable..There is no limit on amount in case of any gift received from relatives.

Amit khandelwal

students

26 Points Joined December 2013

Gift to father is tax free but any income earned out investing the gift amount will be taxed in the hand of father And for mitul Accounting entry will be similar to other loan entry

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CA ADITYA SHARMA

PRITI TRIPATHI

Amit khandelwal

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