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Gift of 50000 cash from father

Tax planning 1649 views 17 replies
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CA IN PRACTICE
16719 Points Posted on 12 December 2013

gift receiv ed from father is not taxable                                 

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On 12 December 2013 at 10:48
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Inter C.A. Pursuing C.A. Final
44 Points Posted on 14 December 2013

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

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On 14 December 2013 at 10:50
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students
26 Points Posted on 14 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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On 14 December 2013 at 12:02


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