Gift tax
This query is : Resolved
20 August 2012
Sir,
I would like to know whether gift given by son to father in cash is covered under Gift Tax, & if taxable what is the exemption limit.
Thanks & regards
P Dandekar
I would like to know whether gift given by son to father in cash is covered under Gift Tax, & if taxable what is the exemption limit.
Thanks & regards
P Dandekar
20 August 2012
Gift tax is no more in force. In your case, you are covered under section 56 of IT Act itself. The transaction is not taxable.
20 August 2012
Dear Gift Given by son to father will not be taxable under I.T Act
07 October 2021
Gift received by father from son (relative u/s.56(2) of IT act) is tax exempt, without any limit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
