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Liabily of gift in income tax act

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 March 2012 Dear

I recd. the gift Rs 765000/- from my father. Is it liable to gift tax to me? or what is the procedure in my computation of income & my father's income? Kindly briefly advice me.

Thanks & regards
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
31 March 2012 Since the gift has been received from a relative the same is exempt in your hands.

There is no tax liability either in your hands or in the hands of your father.

However, your father must be able to substantiate the source of such gift.
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Mihir Doshi

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Mihir Doshi (Expert)
31 March 2012 Dear,

Take care of clubbing provision, if you earn income through the Gifted amount.

Thanks
Mihir Doshi
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