Gift received in cash
This query is : Resolved
03 September 2012
Dear all
if an individual received gift in cash (Rs. 800000) from his father, will this receipt attract income tax.
Further, father has only source of income i.e. agricultural income
if an individual received gift in cash (Rs. 800000) from his father, will this receipt attract income tax.
Further, father has only source of income i.e. agricultural income
03 September 2012
Gift received from father is exempt.
03 September 2012
Dear Sir
Please elaborate in detail with reference of relevant section
Please elaborate in detail with reference of relevant section
03 September 2012
It will not make any difference whether you receive via cheque or via cash , but for safer side we prefer to get gift via cheque with a Gift Deed.and further the gift received from specified relatives is exempt.
06 September 2012
Gift received from father is exempt from Income Tax whether it is by way of cash or cheque, subject to genuineness of transaction, source of amount gifted, availability of fund for gift etc.
10 September 2012
It is exempt u/s 56(2)(vii) of the Income Tax Act.
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