sir
i want to know about the taxability of gift u/s 56(2)(vi)
under aforesaid section gift from relative is exempt but income from that gift will b taxable or nat and in the hand of giver or reciever of gift.
for instance my father gave me rs.1,00,000 the what will be its taxability in both my hands and my father's hand.
what f the amont does naot exceed rs.50,000
Say ur father gave u 100,000 and u have deposited that in a bank and receive interest..
It becomes interest income and is taxable under IFOS.
If u r investing in a business and receiving gains out of it, it is taxable u / PGBP.
So any income out of gift is taxable u/ the respective head.
| Originally posted by : RahulMehta | ||
|
Fully exempt. Correction--> Income from this 100000 will be taxable in father's hands under respective head. |
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If Father gift land to his son & son contribute the same land on the Partnership Firm where he & his father are the partner?
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