Kindly advise if any tax is payable on gift of money received from a parent by a son/daughter or vice versa.
If so, under what head is the tax payable?
thanks
prasad Nilugal
( GST Practitioner & Accounts )
(14568 Points)
Replied 13 May 2018
Gift received form parents to son/ doughter or visa versa Not taxable under section 56 sub sectoin 2 of the income tax act 1961 .please confirm with others also.
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 13 May 2018
rama krishnan
(12234 Points)
Replied 13 May 2018
CA Sunil Kumar
(Chartered Accountant)
(4519 Points)
Replied 13 May 2018
hardik
(student)
(73 Points)
Replied 13 May 2018
rama krishnan
(12234 Points)
Replied 13 May 2018
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 13 May 2018
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 13 May 2018
rama krishnan
(12234 Points)
Replied 13 May 2018
VIRAJ KHODKE
(44 Points)
Replied 13 May 2018
v.raj
(individual)
(104 Points)
Replied 21 June 2018
to clarify, the gift amount is intended to be given FROM the son TO the parent.
is that also tax free?
thanks
Deepak
(student)
(36 Points)
Replied 21 June 2018
Any gift received from Parent Son/Daughter or vice versa that is exempt under section 56(2)(x) under income tax act 1961
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
