CA Pankaj Bansal (Manager) (82 Points)
28 January 2010
Amir
(Learner)
(4016 Points)
Replied 28 January 2010
Dear Pankaj,
It will not be taxable in the hands of ur Father & the fact that u have gifted it by account payee cheque doesnot make any difference i:e u can even gift money in cash.
Father gets coverd under "any lineal ascendant or descendant of the individual"
Needless to say in ur hand u will neither get any deduction of such gift nor it will be taxable separately
C.Balaji
(Learner)
(1867 Points)
Replied 28 January 2010
Mr.CA Pankaj
The Explanation to Section 56(2)(vi) provides that the expression "relative" means:
Agree with Mr.Amir - Point 5..........
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
CAclubindia
