I have a query regarding taxability of gift.
What will be the tax impact if unmarried daughter has transferred/gifted six lakhs rupees to his father.
Whether it is taxable in the hands of father or it's income is clubbed with daughter.
Kindly reply.
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Taxability of gift
Replies (5)
'Whether it is taxable in the hands of father?'
No
'or it's income is clubbed with daughter?'
No
in both the cases no taxability and no clubbing will apply
Thank you for your reply. Now I just want to confirm that this is exempt as per section 56(2)? or another provision
yes it is exempted us 56(2)...dont worry
k... thanks
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