Liabily of gift in income tax act
This query is : Resolved
Querist : Anonymous
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
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
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.
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.
31 March 2012
Dear,
Take care of clubbing provision, if you earn income through the Gifted amount.
Thanks
Mihir Doshi
Take care of clubbing provision, if you earn income through the Gifted amount.
Thanks
Mihir Doshi
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