Hi,
If I recieve some money from my father for the purpose of buying a residential house, Will it be considered as my income? Do I have to pay tax on the same?
Thanks
Amit Agrawal
Amit Agrawal (Sr. Consultant) 08 April 2010
Hi,
If I recieve some money from my father for the purpose of buying a residential house, Will it be considered as my income? Do I have to pay tax on the same?
Thanks
Amit Agrawal
A V Vishal (Advocate) 08 April 2010
Vineet (Director) 08 April 2010
No, it is gift from relative as defined in section 56 of the Act and therefore not includible in your taxable income.
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