Gift received from parents

gift recd from parents about 50lacs is taxable or not.
under what section claim tax exemption in ITR
Replies (4)
Quick Summary
Receiving a large gift, such as £50 lakh, from your parents generally isn't taxable in the UK. This is because the funds have already been taxed in your parents' hands. You don't need to declare it as income on your tax return, as it falls under exemptions for gifts from blood relatives. The key is that your parents have already paid tax on this income before gifting it to you, preventing double taxation.

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.
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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