VANDANA (MCOM II ICWAI INTER Working as an ACCOUNTANT BCOM 1ST CLASS) (491 Points)
04 April 2012Dear All,
Is there any limit Under Income Tax Law to receive a GIFT From Relative (Mother), In one of my client's A/c His mom deposited a CASH Of RS. 1,50,000/- in 1 single day at 1 time.
Now, This amount is in nature of GIFT FROM MOTHER, I WANTS TO KNOW...IS THERE ANY LIMITATION OF AMOUNT TO RECEIVE A GIFT FROM RELATIVE ???
Please try to reply with a exact notification/circular/rule/section no. please....... or u can also share ur opinions..plz...
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 04 April 2012
Gift of money or gift of property received from a relative is exempted from Income Tax u/s 56(2)(vii). So, Any amount of money can be given as gift from Mother to son.
Regards
Prateek
VANDANA
(MCOM II ICWAI INTER Working as an ACCOUNTANT BCOM 1ST CLASS)
(491 Points)
Replied 04 April 2012
| Originally posted by : Prateek Agarwal | ||
 |
Gift of money or gift of property received from a relative is exempted from Income Tax u/s 56(2)(vii). So, Any amount of money can be given as gift from Mother to son. Regards Prateek |
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Thank you for giving ur valuable time & reply!!! I have the printout of this section... Before putting a question i read this section but was confused... Now coz of ur answer...I read further carefully.... & got my answer.. thanks a lot !!!!!
CAclubindia
