Gift Recevied by Father

177 views
User Avatar

23 Points Posted on 29 September 2020
if papa of rs. 100000 cheque as gift to son. so this Amount taxable or not.
0 Reply Share Follow
On 29 September 2020 at 11:12 Report
Replies (2)
Quick Summary
Receiving a gift of £100,000 in the form of a cheque from your father is not taxable. According to Section 56 of the Income-tax Act, gifts received from parents, whether in cash or kind, are considered exempt income and do not need to be declared for tax purposes.

User Avatar

CA
48 Points Posted on 29 September 2020
The simple answer is “NO”. Any gift in the form of articles, shares or cash from parents are not taxable on your hand. Under section 56 of the Income-tax Act,
Reply
On 29 September 2020 at 13:00
User Avatar

Tax and Business Consultant
11616 Points Posted on 29 September 2020
Not taxable....it's Exempt income.
Reply
On 29 September 2020 at 19:09

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Updating form 10-ee and Schedule FA if there is ch
  2. Sale of property in SLUM area ....SRA
  3. GST applicability on Shipping charges
  4. Outstanding Demand in Income Tax: How To Respond?
  5. LTCG on property sale
  6. Capital gains incidence due to bonus shares
  7. Amendment of Object Clause of Memorandum
  8. How Can I Request a Refund for an Accidental Airte
  9. TDS on salary paid in cash
  10. YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU

More recent discussions | Post

Related Topics :

Loading