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Father gift

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(Querist)
05 April 2012 Father Give a gift to his son who is karta of huf..
But father doesnt file Income tax retrn or he has not pancard..

Gift already taken in 2007 which is approximately around 8 to 9 lacs

Pls Reply..
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avdhesh varshney

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avdhesh varshney (Expert)
05 April 2012 gift from any parents will not attract tax liability (section 57)
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
05 April 2012 Also please ensure that the father is able to substantiate the source of income for giving such a huge gift.
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