money received from father


sujin (accounts executive)     14 March 2019

sujin
accounts executive 
 3 likes  196 points

| My Other Post

dear experts,
I received money from my father around 50lakh
is it taxable?

prasad Nilugal   14 March 2019

prasad Nilugal

 83 likes  1137 points

View Profile | My Other Post

Is it a Gift ?.

kajol (Executive)     14 March 2019

kajol
Executive 
 9 likes  201 points

View Profile | My Other Post

In such a case, he can get a notice from tax authorities to explain the source of funds. And if you then tell them that it is your money, IT authorities can open your assessment also.

Dont take these shortcuts. Deposit all your income in your account. Declare in tax return, pay the tax. That way, atleast you are protected from 200% penalty.

  And If It's A Gift Then

Government has introduced anti abuse provision with the intention to protect the tax Revenue base from evasion and aggressive tax planning strategies. Section 56(2)(x) (earlier Section 56(2)(vii)) was once such measure.

avater

RAMAKRISHNAN R (INCOME TAX OFFICER)     14 March 2019

RAMAKRISHNAN R
INCOME TAX OFFICER 
 158 likes  1670 points

View Profile | My Other Post

as father is one of the relative specified in relatives definition, receipts from father are not covered by 56(2) and it's exempt. if your father has given that amount from his disclosed sources then there's no issue or your father's case will be opened for assessment


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »