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law on cash gift from father

Others 1033 views 2 replies

Raja

30 Points Posted on 10 May 2007

i have taken rs. 50000 from my father. the amount was taken through a/c transfer as both of us have the a/c in the same branch so no cheque was used.i like to know is it necessary to take any gift through cheque only and whether i have to pay any tax for this amount.pls. anyone guide me.

Replies (2)

Vk Duggal

320 Points Posted on 10 May 2007

Gift taken from the prescribed relations (that includes father) is not taxable.

It is always preferable to take gift by cheque.

Guest

Guest

460755 Points Posted on 25 October 2007

you can take heavy amount in a cash as a gift from father .

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