GIFT RECEIVED ( NOT CREATE ANY GIFT RECEIVED DEED) FOR RS. 200,000.00 COMES FROM MOTHER IS TAXABLE IN INCOME TAX FOR THE FINANCIAL YEAR 2017-18
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 17 July 2018
Gift Received by Son from his mother is tax-exempt under IT act.
You may take confirmation letter for the gift.
niloy sanyal
(account manager)
(777 Points)
Replied 24 July 2018
if gift received (F.Y. 2017-18) Rs. 400000.00 from uncle then it is tax-exempt under IT act.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 24 July 2018
Yes, provided received by any banking mode (& not Cash)..... & uncle means brother of either of the parents.....
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