Gift from family (blood relation person) is taxable or not
This query is : Resolved
30 July 2018
My father is retired person & I am doing service in private company, my monthly income more than 35thousands per month, now my father wants to transfer money from his saving bank account to my saving bank (salary) account. said amount taxable or not. how much amount he eligible to transferred without tax.
30 July 2018
Not Taxable as father-son relationship covered under the definition of relative as per section 56 of the Act
30 July 2018
thanks sir for reply me, any limit to transfer tax free amount (i.e. one lakh, two, three etc...)
30 July 2018
No limit. but the amount must come from legtimate and explainable sources.
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