Cash gift to fathar

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2015 Dear sir
my client has given rs 100000 cash to his father as gift, plz let me know weather it is taxable or not...

thanks in advance...

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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11 September 2015 A gift transaction between father and son is not taxable in the hands of either of them as gift from relatives is exempt. Both can give gift to each other safely without any tax implications.

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2015 Dear sir
i am confused about the cash in gift.. because some chartered accountant has told, the cash in gift is taxable....

plz confirm this...

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