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Income tax on father gifts a sum of 15 Lacs to his son

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(Querist)
15 April 2011 Please let me know is there any income tax the person has to give if he receives a sum of 15 lacs from his father.
Also the son doesn't have any other source of income.

Thanks,
Jiten
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prasad

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prasad (Expert)
15 April 2011 No special formalities are there to receive gift.
But in the income tax return to be filed by the father the fact should be mentioned.

The gift deed should be executed.

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