My Married Daughter wanted to give gift to mother of RS.one core.few yers back we had f given Flat to her by Gift.
Now she have good income flat sell amount to give as Gift.
Is this will be Taxable.Please guide me.
Thanks
Rajesh Damani (13 Points)
27 March 2023My Married Daughter wanted to give gift to mother of RS.one core.few yers back we had f given Flat to her by Gift.
Now she have good income flat sell amount to give as Gift.
Is this will be Taxable.Please guide me.
Thanks
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176824 Points)
Replied 27 March 2023
Gift from married daughter to her parents or mother will be tax-exempt under sec. 56(2)(x) of IT act.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 28 March 2023
If a gift given among the relatives is not taxable but there are many deep provision to take care of
a Detailed Summery can be checked at below link
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India