Poonawalla fincorp
Poonawalla fincorp

Gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 May 2013 If Mr. X gifts Rs. 5,00,000/- to his major son, what will be the tax implications of gift as well as income derived from it in the A.Y. 2014-15.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
29 May 2013 No tax in the hands of Son since gift from relatives u/s 56(2)(vii) is exempt from Tax.
Income derived from Rs 5 Lacs will be taxed in the hands of Son.
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Ganeshbabu K

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Ganeshbabu K (Expert)
29 May 2013 Gift received from relative is exempt from income tax u/sec 56(2)(vii)

So Rs.5 lakhs is not taxable in the hands of son
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
15 July 2013 Yes I agree with the expert

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