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gift

Manoj Gonarkar (Accountant) (125 Points)

19 May 2016

can I take gift from my mother rs 1000000. is it exempt from tax?

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Hitesh Khanna (Accounting & Finance Taxation Company Law Audit ) (839 Points)
Replied 20 May 2016

Yes.. its all exempt both in your hands as well as in the hands of your mother.
Remember to prepare and record a gift deed for this purpose as this would serve as an evidence in case of any clarification required by the Department regarding the source of such income in the hands of recipient.

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Vishal Goel (Chartered Accountant) (1688 Points)
Replied 20 May 2016

Agree with Hitesh Ji

It is exempted in your hand.

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