All,
Suppose a resident taxpayers have received amount from their NRI son by way of gift. What will be the tax implication in the hand of such parent taxpayer? What ITR is requried to be filed for disclosure purpose?
Please let me know. Its urgent.
Thanks in advance.
SINCE SON COMES UNDER DEFINITION OF RELATIVE SO GIFT RECEIVED OF ANY AMOUNT FROM RELATIVE IS NON TAXABLE.
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