01 April 2010
One of our Client had received Rs.225000/- in A.Y. 2009-10 from his mother and Rs.225000/- in A.Y. 2009-10 from his mother. 1.Is it will be taxable in hands of the client? 2.What are the consequences? 3.What if this was the Client's father's assets who was died earlier and as client was not mature It has been transferred to Client's mother?
01 April 2010
1. Not taxable 2. In what relation you wat the reply for consequences as there will be no tax implicationa as gift from a relative. 3. No problem.
01 April 2010
If cash has been been received then only care should be taken that adequate cash balance should be there with the mother and the source of cash with mother should be geniune.
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