gift recd from parents about 50lacs is taxable or not.
under what section claim tax exemption in ITR
4 Replies
rama krishnan
(12239 Points)
Replied 10 June 2023
Gift received from parents is not an income as per section 56(2)(x)
sabyasachi mukherjee
(27579 Points)
Replied 11 June 2023
You hv to mention the reason.
gift received from blood relation is not considered as income and hence not taxable.
gift received from blood relation is not considered as income and hence not taxable.
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 11 June 2023
Your Parents income must be taxed since the GIFT given to you is 50L. Tax is paid on your Parents income. 50L gift is out of that income which already taxed . So there cannot be double taxation on same income.
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