If your maternal father gifts you something is it taxable
4 Replies
machender
(student)
(190 Points)
Replied 16 January 2010
yaar Gaurav,
maternal father is not covered in the definition of relative. so, taxable
SUNIL SINGH
(ACCOUNTANTS AND INCOMETAX WORKS)
(142 Points)
Replied 16 January 2010
ACCORDING TO MY KNOWLEDGE AND INCOME TAX ACT MATERNAL FATHER IS COVERED UNDER RELATIVE.. SO ITS NOT TAXABLE.. BUT A CASE OCCURS IS THE GIFT IS GIVEN BEFORE MARRIAGE OR AFTER..
VIPIN KUMAR
(Practicing)
(309 Points)
Replied 16 January 2010
Gift received from blood relatives will not be taxable. In other case gift will be taxable if its upper of Rs. 5000.
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 17 January 2010
THANKS FOR CLARIFICATION
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