Hi,can i recieve 1,00,000/- cash as gift from my father in a single day.
9 Replies
Sandip Sadhukhan
(Student)
(40 Points)
Replied 05 July 2015
Cash gift received from father[ I.e, RELATIVE u/s 56(2)(vii)] exempt from tax.
suman
(job)
(48 Points)
Replied 05 July 2015
| Originally posted by : Sandip Sadhukhan | ||
 |
Cash gift received from father[ I.e, RELATIVE u/s 56(2)(vii)] exempt from tax. |  |
can i recieve 1,00,000/- gift from father by cash not cheque in a single day
Jaspal Singh
(Practising CA)
(449 Points)
Replied 05 July 2015
Yes you can receive it..
Receipts from father as a gift is exempt from tax..
Trilochan mohapatra
(----)
(249 Points)
Replied 05 July 2015
Gift received from relatives is exempted from tax whatever the kind may be i.e. cash or cheque or property...
sankar
(student)
(48 Points)
Replied 05 July 2015
Gift received from relative is exempt fromfrom tax wt ever the kind nay be
Nihar Ranjan Rout
(CA Final & CS Final)
(577 Points)
Replied 05 July 2015
any gift that you receive from relative is exempt, no limits
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 06 July 2015
yes you can receive gift in cash from father
Harinadh
(EMPLOYEE)
(46 Points)
Replied 06 July 2015
As per sec 56(2)(vii), receipts from relatives are not taxable. Father is covered under the definition of relative.so it is not taxable
Ramesh
(Student)
(90 Points)
Replied 18 December 2015
As per INCOME TAX ACT, gift from RELATIVE is exempt under it.
Since, father is covered under relative.
GIFT in :ANY FORM whether CASH OR CHEQUE
is exempt under it.
WHETHER IN SINGLE DAY OR DURING THE FINANCIAL YEAR as well.
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
