gift recd from parents about 50lacs is taxable or not.
under what section claim tax exemption in ITR
rama krishnan
(12224 Points)
Replied 10 June 2023
sabyasachi mukherjee
(21561 Points)
Replied 11 June 2023
SHIRISH S S
(Proprietor)
(1015 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.
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