Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Gift received by mum father

ANIL KUMAR KHETAN (PROPRIETOR) (542 Points)

09 October 2024

Gift received by my mother father, exempted in my hand or not . Please advise me immediately

Reply
Follow
Share

5 Replies

Rama chary Rachakonda (Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294) (8298 Points)
Replied 09 October 2024

As per Indian tax laws, gifts received by an individual are exempt from tax in certain circumstances. However, there are specific conditions to be met. Gifts received by your mother or father may be exempt in your hands if: 1. The gift is from a relative (as defined in the Income-tax Act) 2. The gift is not exceeding ₹50,000 in a financial year 3. The gift is not in the form of cash, movable property, or immovable property If the gift does not meet these conditions, it may be considered taxable income in your hands.

Upgrade to CAclubindia Pro. Subscribe Now!

ANIL KUMAR KHETAN (PROPRIETOR) (542 Points)
Replied 09 October 2024

Please proper advise on the above matter . Not narated provision

aditya jain (4 Points)
Replied 09 October 2024

The gift received from your mom and dad is exempt from income tax

pawar ( ) (46 Points)
Replied 09 October 2024

Anil

If you are receiving gift in the form of money (thru bank transfer) from your mother or father then you do not have to pay any income tax on it. This is gift within blood relatives and it is exempted.