dear experts,
my grandfather sold his land and he given around 40lakh to my dad...but grandfather already file the return and he also shown this land amount in the return
my question is.. my dad received 40lakh is it taxable amount
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taxable amount or not
Replies (7)
No... It's not taxable in Your Father if it's treated as Gift.
can u provide me in which section saying this?
under Section 56 (2) of the Income Tax Act. Gifts received by an individual from his relative are tax-exempt. The word relative is defined under the Act
Yes agreed with Raja sir
agree with raja ji
a proper documentation evidencing the transaction as gift without any consideration from father to son must b executed. a gift deed for such high value is preferable for future questioning.
co -operative society under section 80P
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