If a Married daughter received Cash 12 Lakh as a gift from her Mother. is it Expemt or Tax Applecable on Gift. Kindly reply with Notification or Cercular or Rule.section 56
4 Replies
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 27 August 2010
It is not taxable as per Section 56(2)(vii) as it is amount received from relative and also no clubbing provisions will apply in this case.
Also you have mentioned that cash gift was paid. So if the gift was paid in cash the source of cash in hand of the mother may be required is asked by the A. O.
vkbothra
(Learning )
(690 Points)
Replied 27 August 2010
Gift is exempt between Blood reletives. no problem if they are married or not.
and more is already explained by Aditya sir.
;)
Sunshine
(Helping All)
(10575 Points)
Replied 28 August 2010
ya...gift from relatives is exempted....
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