Dear All,
Happy Morning!
Gift received from Parents is taxable or not?
The Value of gift (Monetary) 5 Lakhs (Deposited as FD) received from Parents.
Kindly clarify the tax treatment of Gift and Interest income for the same.
Thanks
Suresh R
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Gifts received from parents
Replies (1)
Gift received from parent/s is tax-exempt u/s. 56(2)(x) of IT act...... (suggested to make gift deed)
Interest income will be taxed in your hand if you are major; otherwise gets clubbed in donors hand/s.
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