Mother and son relation for gift deed
Sandeep Shirke (Accounts Executive) (118 Points)
11 April 2015Sandeep Shirke (Accounts Executive) (118 Points)
11 April 2015
Amrita vyas
(chartered accountant)
(2600 Points)
Replied 11 April 2015
As per sec 56(2) of income tax act Any sum of money or kind received as gift from relatives will not be taxable at all means there is no limit specified for amount (gift) received by relative hence any amount received by relatives is not taxable....but it is advisable to you to make a gift deed for future referance.
Sandeep Shirke
(Accounts Executive)
(118 Points)
Replied 11 April 2015
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961