Gift Recevied by Father
Soni Ketan (23 Points)
29 September 2020
if papa of rs. 100000 cheque as gift to son. so this Amount taxable or not.
2 Replies
Manjunath L Bellubbi
(CA)
(43 Points)
Replied 29 September 2020
The simple answer is “NO”. Any gift in the form of articles, shares or cash from parents are not taxable on your hand. Under section 56 of the Income-tax Act,
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 29 September 2020
Not taxable....it's Exempt income.
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