Tax on gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2014
I am a major son of my family. My father is a salaried person paying tax. Now if he gives any amount of gift in cash or in kind, will he get any kind of benefit in tax for giving me such gift?
07 January 2014
no benefit... yes but the recipient is not liable to tax if he is relative...
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