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GIFT

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(Querist)
29 April 2009 Can i receive gift as immovable property(Comercial) from my dad on my birthday. will there be on clubbing provision applicable.
Can i receive in same way cash.
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CA Devin

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CA Devin (Expert)
29 April 2009 Gift in kind is not taxable....

Gift in cash if received from a relative is exempt u/s 56...

Further, there will be no clubbing if ur age is above 18.
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Ankur Garg

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Ankur Garg (Expert)
30 April 2009 Agree clubbing provision applies only when if somebody is below the age of 18.

Gift in kind is not taxable...
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