Cash gift

Querist : Anonymous (Querist) 16 January 2020 This query is : Resolved
Sir,
One I t.person (son) cash gift received from another person( Mather) Rs.150000/- * 3 times different dates total Rs.450000/- received one finicial year allowed in income tax act.

Follow Query

Report Abuse

Raj Kumar Makkad (Expert) 16 January 2020
Yes but the same is taxable in the hands of the mother as the amount is beyond the exemption limit.

Shailesh Kumar Shah (Expert) 16 January 2020
Cash Gift received by the son from the mother is exempt from the income tax.

Message likes : 1 times

kavksatyanarayana (Expert) 16 January 2020
The Income Tax for a Gift received from a mother or other relative shall be taxable if the Gift value is above thirty (30) lakhs.

T. Kalaiselvan, Advocate (Expert) 26 January 2020
Money received from parents as gift does not attract tax
Parents and children falls under the specified list of 'relatives' who are exempt under the Income Tax Act as recipients of gift money. Therefore, in the example you have cited, the son will not have to pay any tax on the said gift amount

Rajendra K Goyal (Expert) 26 April 2020
Gift received from relatives are exempt from tax. by virtue of Section 56 I.T. Act. Following persons would be considered as relative
(a) Spouse of the individual;

(b) Brother or sister of the individual;

(c) Brother or sister of the spouse of the individual;

(d) Brother or sister of either of the parents of the individual;

(e) Any lineal ascendant or descendent of the individual;

(f) Any lineal ascendant or descendent of the spouse of the individual;

(g) Spouse of the persons referred to in (b) to (f).

Rajendra K Goyal (Expert) 26 April 2020
Hence as per e above, gift to mother from son is not taxable.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Ask Query
Unanswered Queries