Gift received from mother
Hardik Patel (76 Points)
10 July 2020
if I am take money as gift more than Rs. 50,000/- than it is tax treatment in income tax ?
4 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 10 July 2020
Gift from specified relative is exempt from tax u/s 56(2) of I. T. act and relationship of mother and son is covered in specified relative
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 10 July 2020
Already explained in above reply
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