banner_ad

Taxation about amount received from father

Tax queries 738 views 4 replies

Hello Professionals, Please help with your expertise. My Father sold a house property in Pune in December 2014. He then transferred Rs. 8.5 Lakhs to me to my bank account. I am investing the same in my pvt ltf company as Subscripttion Capital.

Is there any provision in IT Laws under which I can avoid paying Income Tax on this Rs. 8.5 lakhs? Can I show this as a gift received from Father (relative).

If yes, where in the ITR Form should I mention this?

An early reply from experts here will be highly appreciated. Thanks in advance

Dr. Anand Wadadekar

Founder Director & CEO of Discovering Careers India

Replies (4)

Hi Dr. Anand Wadadekar 

No. If the above income, your father paid tax and then transferred the income to you mean not taxable. 

As per sec 56(2)(vii) of IT Act, gift received from a relative is not taxable u/h 'Income from other sources'

so you can avoid paying tax on 8.5 lakh if you show it as gift received from a relative-father.

Originally posted by : SHINY

Thank you Shiny.

 

Which ITR form should I file then, since I also have salary income too?

 

 

 

 

 

As per sec 56(2)(vii) of IT Act, gift received from a relative is not taxable u/h 'Income from other sources'

so you can avoid paying tax on 8.5 lakh if you show it as gift received from a relative-father.

 

Gift Received from relatives i.e. father is not taxable as rightly pointed out by Ms. Shiny. It is considered as a capital receipt and need not be shown in ITR at all. IT is not clear what incomes are you earning apart from salary. If it is only salary & bank interest then you need to file ITR1


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details