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Tax on gift received from my father
I am a married women, I received a cheque of Rs.7 lakh as gift from my father without any special occasion. How much tax I have to pay for this income. If exempt please suggest the section of income tax act.
Replies (3)
As per Income Tax Act - Section 2 (41)
“Relative” in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual.
And read the above section with (56)2 of income tax act for meaning of relatives.
“Relative” in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual.
And read the above section with (56)2 of income tax act for meaning of relatives.
Exempt
Exempt us 56(2)(x)
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