If a father received gift in form of cash of Rs.250000/- each from his wife & his son. Is this gift is exempted under the condition of love & affection or any tax liabilty will be levied on it.
raviagrawal
(ca student)
(51 Points)
Replied 24 April 2008
R.V.RAO
(SERVICE)
(4125 Points)
Replied 24 April 2008
AGGREGATE OF AMOUNT OF ANY MONEY RECD.BY AN INDIVIDUAL OR HUF DURING A FIN. YEAR IN EXCESS OF RS. 50000 /- IS TAXABLE AS INCOME FROM OTHER SOURCES IF RECD. WITHOUT CONSIDERATION.(SEC 56(2) OF IT ACT)
HOWEVER MONEY RECD. FROM
REALATIVE,/
ON OCCASION OF MARRIAGE,,
BY WILL / INHERITANCE/
IN CONTEMPLATION OF DEATH/
LOCAL AUTHORITY
SPECIFIED FUND,UNIVERSITY,HOSPITAL,TRUST, ETC....
CHARITABLE INST.REGD. UNDER SEC 12AA OF IT ACT
WILL NOT BE CONSIDERED FOR PURPOSE OF CALCULATING THE ABOVE LIMIT OF RS. 50000/-
SO THE GIFT TO FATHER DOES NOT ATTRACT TAX.
R.V.RAO
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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