Anon
watch_later 20/02/21
I t.assess(father) cash gift to son value rs:5 lacs .son same amount gift to his mother.
Question:
Above gift transaction taxable or exempted in I.t act.
Gifts from relatives are exempted under Income Tax Act, 1961.
This transaction is completely tax-exempt.
Father, mother, brother, sister come under definition of relatives.
JOIN LARGEST DISCUSSION PLATFORM
Sign up to discuss taxation, accounting and finance topics with experts from all over India.
Join Discussion
