gift tax

This query is : Resolved

E S S PRABHAKAR (Querist)
Follow

21 August 2009 DEAR SIR/S,

I HAVE TAKEN AN AMOUNT OF RS.5,00,000/- IN CASH FROM FATHER AS GIFT IN THE YEAR 2006. IS IT TAXABLE UNDER GIFT TAX OR ANY OTHER LAW? MY FATHER IS RETIRED STATE GOVT.EMPLOYEE AND OUT OF RETIREMENT BENIFITS HE HAS GIVEN THE MONEY. AND MY SELF AND MY FATHER IS NOT THE INCOME TAX ASSESSEE. KINDLY LET ME KNOW TAXABLE OR NOT WITH SECTIONS.

THANKS TO ONE ALL...PLEASE GIVE ME QUCIK REPLY.

Guest

Guest (Expert)

21 August 2009 Dear Prabhakar

The same is exempt from any tax.

Hope this assists you.

Thanks & Best Regards
CA Himanshu Garg
ca.hims@gmail.com

E S S PRABHAKAR

E S S PRABHAKAR (Querist)
Follow

21 August 2009 Thank you very much sir

Upgrade to CAclubindia Pro. Subscribe Now!