Revanth (Job) (145 Points)
31 August 2012Hi
In case A received a sum of Rs.1,71,000/- from his father in the financial year 2010-11. What would be the tax treatment for this (having no special occasion) and the father had already accounted for the money.
Now what will be the tax treatment for A
Sumit Mittal
(CA Practice )
(21 Points)
Replied 31 August 2012
Dear Revanth
Gift from lineal ascendent or descendent of the Individual in not taxable , see sec 56(2) (vii)
meenakshi
(Audit Manager)
(81 Points)
Replied 31 August 2012
as per section 56(2)(vii), gifts received from father is exempt from tax.
CA Harshal Vora
(Author of ISCA)
(160 Points)
Replied 03 September 2012
Any gift received from the relative (as mentioned in Sec 56 (2) ) is totally exempt.
Amendment in sec 56 (2) is applicable only for those gidts received from non relative and that to above the limit as specified.
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