Gift from father
Pradip jadhav (emplyee) (44 Points)
16 April 2018
Money gifted by father to his son whether it is taxable? Is there any limit for gift.
4 Replies
Rahul Prajapati
(Student)
(2282 Points)
Replied 16 April 2018
As per the Income Tax Act, 1961 if the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver.
These Relatives are:
- Parents ( Hence not taxable in your case )
- Spouse
- Your and your spouse’s brothers and sisters
- Brothers and sisters of your parents
- Your lineal descendants (including spouses)
- Lineal descendants (including spouses) of your spouse
Also, the gifts can be exempt even if they aren’t received from these relatives, if they are received during your marriage.
CA Naveen Chand
(Chartered Accountant)
(12739 Points)
Replied 16 April 2018
NOT TAXABLE AS GIFT RECEIVED FROM THE RELATIVE IS EXEMPT
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