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Querist : Anonymous

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Querist : Anonymous (Querist)
09 July 2015 A Person who is a Senior Citizen & is Receiving a Certain Amount Periodically from his Son residing Abroad, & the Receiver is Wholly Dependent on his Son for his Livelihood.
The Amount So received will be a TAxAble Income or an Exempt Income ????
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CA John Abraham Austin ACA

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CA John Abraham Austin ACA (Expert)
09 July 2015 It is not taxable.
The person receives it a gift. That too from a 'relative'. It is exempt.

Please refer sec 56(1)(vii)
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Querist : Anonymous

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Querist : Anonymous (Querist)
10 July 2015 Thnks CA John Abraham
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