taxable amount or not


sujin (accounts executive)     20 October 2018

sujin
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dear experts,
my grandfather sold his land and he given around 40lakh to my dad...but grandfather already file the return and he also shown this land amount in the return
my question is.. my dad received 40lakh is it taxable amount

RAJA P M ("Do the Right Thing...!!!")     20 October 2018

RAJA P M
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No... It's not taxable in Your Father if it's treated as Gift.

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sujin (accounts executive)     20 October 2018

sujin
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can u provide me in which section saying this?

RAJA P M ("Do the Right Thing...!!!")     20 October 2018

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under Section 56 (2) of the Income Tax Act. Gifts received by an individual from his relative are tax-exempt. The word relative is defined under the Act

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Hitesh (Student)     20 October 2018

Hitesh
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Yes agreed with Raja sir

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rahul (a)     20 October 2018

rahul
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agree with raja ji

RAJKUMAR TG   20 October 2018

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a proper documentation evidencing the transaction as gift without any consideration from father to son must b executed. a gift deed for such high value is preferable for future questioning.

Sumithra Shetty (Still studyig)     21 October 2018

Sumithra Shetty
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co -operative society under section 80P


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