gift receiv ed from father is not taxable
Gift of 50000 cash from father
Page no : 2
PRITI TRIPATHI
(Inter C.A. Pursuing C.A. Final)
(44 Points)
Replied 14 December 2013
It is not taxable..There is no limit on amount in case of any gift received from relatives.
Amit khandelwal
(students)
(26 Points)
Replied 14 December 2013
Gift to father is tax free but any income earned out investing the gift amount will be taxed in the hand of father
And for mitul
Accounting entry will be similar to other loan entry
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