CA SONIYA AGARWAL (self practice) (3005 Points)
11 December 2013one of my client said he will show as gift received from father every year a cash of Rs.50000/- , what tax consequences will he face and the precedure by which he can accept such gift.
Shruthi
(Article Assistent)
(336 Points)
Replied 11 December 2013
| Originally posted by : Anamikaa Shuklaa | ||
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Father is relative in terms of INCOME TAX ACT 1961 and any amount recived as a gift from relative is not taxable , hence amount recived from father is not taxable . |
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Mihir
(Wealth Manager)
(5293 Points)
Replied 11 December 2013
Yes, it is tax-free. Prepare a documentary proof of this gift.
RAJANIKANT MISHRA
(SERVICE)
(27 Points)
Replied 11 December 2013
purshotam vohra
(CA IPCC)
(138 Points)
Replied 11 December 2013
@ rajnikant
There is no limit in respect of gift from relative :-D
abhishek
(student)
(23 Points)
Replied 11 December 2013
purshotam vohra
(CA IPCC)
(138 Points)
Replied 11 December 2013
Mitul Mirani
(Employed in CA Firm)
(50 Points)
Replied 11 December 2013
NARESH NAIDU
(Student)
(56 Points)
Replied 11 December 2013
Aamir
(Article Assistant)
(36 Points)
Replied 11 December 2013
chiranjivi nagpal
(Article assistant)
(27 Points)
Replied 11 December 2013
CA Mukul Mittal
(CA in practice)
(384 Points)
Replied 12 December 2013
Kamal Kumar
(self employed)
(62 Points)
Replied 12 December 2013
Always,take gift by cheque from your relatives or any other person.One can not take cash more than Rs.20,000 in a year.
CAclubindia
