Hi
In case A received a sum of Rs.1,71,000/- from his father in the financial year 2010-11. What would be the tax treatment for this (having no special occasion) and the father had already accounted for the money.
Now what will be the tax treatment for A
Dear Revanth
Gift from lineal ascendent or descendent of the Individual in not taxable , see sec 56(2) (vii)
as per section 56(2)(vii), gifts received from father is exempt from tax.
Any gift received from the relative (as mentioned in Sec 56 (2) ) is totally exempt.
Amendment in sec 56 (2) is applicable only for those gidts received from non relative and that to above the limit as specified.
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