gift recd from parents about 50lacs is taxable or not.
under what section claim tax exemption in ITR
rama krishnan
(12234 Points)
Replied 10 June 2023
sabyasachi mukherjee
(26047 Points)
Replied 11 June 2023
SHIRISH S S
(Proprietor)
(1016 Points)
Replied 11 June 2023
Your Parents income must be taxed since the GIFT given to you is 50L. Tax is paid on your Parents income. 50L gift is out of that income which already taxed . So there cannot be double taxation on same income.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
