income tax on gift

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