Kindly advise if any tax is payable on gift of money received from a parent by a son/daughter or vice versa.
If so, under what head is the tax payable?
thanks
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Tax on gift
Replies (15)
Gift received form parents to son/ doughter or visa versa Not taxable under section 56 sub sectoin 2 of the income tax act 1961 .please confirm with others also.
Any gift received from relative is exempted under IT Act....
@ prasad nilugal is correct:)
gift amount is exempted under section 56(2)(x) but whereas any income earned out of the gifted amount, then the same will be clubbed in the hands of the parents with higher income
Gift received from relatives are exempt from tax. Parents cover in the defination of relatives.
gift received is exempt you must refer definition of relative on Google
gift is exempt... what about income generated out of gift?
Income generated out of income received from gift is taxable....
it's taxable that's ok but in whose hands?
Taxable in hands of a person who receive goods....
no mam, there's exceptions... please have a look in clubbing provisions mam
income generated out of gift is taxable in the hands of the person to whom that product or sum is gifted..
to clarify, the gift amount is intended to be given FROM the son TO the parent.
is that also tax free?
thanks
Any gift received from Parent Son/Daughter or vice versa that is exempt under section 56(2)(x) under income tax act 1961
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