13 October 2012
respected members, please answer this query. Mr a has given 600000 to his wife and 50000 to his son as gift. 1. what are the tax implications? Acc. to me it is exempted(650000)
2 During the scrutiny proceeding the ITO ask me to show some legal document which is registered and on that 1 or 2 % of the gift amount is payable? What is this document and where it should be registered.
14 October 2012
Since Wife and Son fall in the definition of Relative therefore the Gifts even though in excess of Rs.50000/- are not taxable u/s 56(2)
16 October 2012
thankyou for the answer, But were it should be registered and what is it written in any section or law about the same, as i have not found that. please reply at the earliest.
CAclubindia
