SARAVANAN.M (PRACTICE) (83 Points)
05 March 2013My friend, who is a senior citizen wants to gift Rs.5 Lakhs by cash to his son in this FY 2012-13. His son is having PAN and files IT return regularly. But the father has not filed his IT returns sofar and even does not have PAN. Is it possible. If yes, how. If not what is the way out. Pl. help.
Tnks
SARAVANAN.M
CA Parul Saxena
(CA)
(8488 Points)
Replied 05 March 2013
Gift received from relatives as defined are totally exempt.....father comes under the definition of relatives so totally exempt......
SARAVANAN.M
(PRACTICE)
(83 Points)
Replied 05 March 2013
Thank you mr. parul saxena, but it is necessary for the father to show his source. If the source is not required then, on the same basis the father even can give any amount as gift.(for ex. Rs.5 Crs) Pl. explain. Thnks in advance.
SARAVANAN.M
CAclubindia
