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
7 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 20 October 2018
No... It's not taxable in Your Father if it's treated as Gift.
sujin
(accounts executive)
(222 Points)
Replied 20 October 2018
can u provide me in which section saying this?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 20 October 2018
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
RAJKUMAR TG
(397 Points)
Replied 20 October 2018
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.
Sumithra Shetty
(Still studyig)
(56 Points)
Replied 21 October 2018
co -operative society under section 80P
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