Gift received by mum father

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PROPRIETOR
549 Points Joined February 2014
Gift received by my mother father, exempted in my hand or not . Please advise me immediately
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On 09 October 2024 at 08:16 Report
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Master in Accounts & high court Advocate
9447 Points Joined December 2011

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.

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On 09 October 2024 at 14:52
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PROPRIETOR
549 Points Joined February 2014
Please proper advise on the above matter . Not narated provision
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On 09 October 2024 at 15:02
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4 Points Joined November 2017
The gift received from your mom and dad is exempt from income tax
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On 09 October 2024 at 15:48
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46 Points Joined April 2011

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. 

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On 09 October 2024 at 16:23
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PROPRIETOR
549 Points Joined February 2014
Gift received daughter's son means Nana is exempted his hand or not . Please clarify the position, he is relative purpose of gift or not
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On 09 October 2024 at 16:45


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