If a father received gift in form of cash of Rs.250000/- each from his wife & his son. Is this gift is exempted under the condition of love & affection or any tax liabilty will be levied on it.
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income tax on gift
Replies (2)
YES GIFT IS EXEMPTED FROM INCOME U/S 56(2)
AGGREGATE OF AMOUNT OF ANY MONEY RECD.BY AN INDIVIDUAL OR HUF DURING A FIN. YEAR IN EXCESS OF RS. 50000 /- IS TAXABLE AS INCOME FROM OTHER SOURCES IF RECD. WITHOUT CONSIDERATION.(SEC 56(2) OF IT ACT)
HOWEVER MONEY RECD. FROM
REALATIVE,/
ON OCCASION OF MARRIAGE,,
BY WILL / INHERITANCE/
IN CONTEMPLATION OF DEATH/
LOCAL AUTHORITY
SPECIFIED FUND,UNIVERSITY,HOSPITAL,TRUST, ETC....
CHARITABLE INST.REGD. UNDER SEC 12AA OF IT ACT
WILL NOT BE CONSIDERED FOR PURPOSE OF CALCULATING THE ABOVE LIMIT OF RS. 50000/-
SO THE GIFT TO FATHER DOES NOT ATTRACT TAX.
R.V.RAO
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