What will be the tax implication of Rs. 60 lacs gifted by mother to his son?
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 01 July 2010
dear sweta
gift made by a relative is exempt whether it is in cash or kind and whether it is beyond rs.50000.
regards
tarun rustagi
Amir
(Learner)
(4016 Points)
Replied 01 July 2010
Dear Sweta,
The transaction of Gift will not attract any tax implications..being exempted u/s Proviso to 56(2)
Its only when the income is earned out of this money then the tax implications will arise.
If son is minor then it will be clubbed with the income of that parent whose Total Income is higher excluding this income. (Exemption upto Rs. 1,500 is available)
In case of a major son the income will be taxable in the hands of son & no treatment will be done in the hands of mother.
CA Shree Jain
(Chartered Accountant)
(1572 Points)
Replied 01 July 2010
you can receive any amount from your relatives without paying any income tax as there is no gift-tax at present. There are certain provisions and important points which we will discuss in this post. Gift can be received by the following ways.
From Relatives
Relative means:
CAclubindia
