gift recd from parents about 50lacs is taxable or not.
under what section claim tax exemption in ITR
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Gift received from parents
Replies (4)
Gift received from parents is not an income as per section 56(2)(x)
You hv to mention the reason.
gift received from blood relation is not considered as income and hence not taxable.
gift received from blood relation is not considered as income and hence not taxable.
Under what section can claim exception
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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