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Taxation Of Gift

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(Querist)
28 March 2011 i wanted to know about the taxablility of Gift which is given by a daughter to his father is it exempted or taxable?
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CA. Lohith Jagadeesh

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CA. Lohith Jagadeesh (Expert)
30 March 2011 Hi,

It is covered under the provisions of Sec 56(2)(vii).

Gifts recieved from Relatives are exempt.

Since Daughter & Father are relatives, it will be exempt.

Thank you,

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

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