Cash deposited in bank upto rs. 10 lac
Neil (Accountant Assistant) (67 Points)
19 January 2016
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 19 January 2016
It is not taxable. Any gift from father is exempt from tax.
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13949 Points)
Replied 19 January 2016
Yes gift from relative is exempt in the hands of recipient.
lalkrushn
(Apprentice)
(35 Points)
Replied 19 January 2016
lalkrushn
(Apprentice)
(35 Points)
Replied 19 January 2016
lalkrushn
(Apprentice)
(35 Points)
Replied 19 January 2016
cvravindra
(Job)
(61 Points)
Replied 20 January 2016
Kamal vashist
(Accountant)
(183 Points)
Replied 21 January 2016
Yes it is totally taxable u/h Capital gain in his fathers account on the other hand his son got the gift from his father it is also taxable. It is considered as a taxable because any gift received from any family member or any other releative which is above Rs 50000 is totally taxable in the hand of recepitent. It is considered as Income of Other Source
Vishal Goel
(Chartered Accountant)
(1693 Points)
Replied 28 January 2016