Dear Users,
My one client received money approx. 1 crore from his father to set a new business. And he opened a new properietor company. Please help me to know that money received from his father is taxable or exempt.
Please help.
Regards
Rajesh Pandey
Mobile: +919818704337
As per my opinion it is exempt in the hands of son provided the father has paid tax on such amount or given that amount out of taxable earnings.
It will treated as income from other sources in the hand of son.
Thanks! My doubt is cleared
CAclubindia
