I recieved a cash gift of Rs 500000 from my father.
Is it taxable in my hands?
lalit prasad singh (accounts manager) 01 August 2014
I recieved a cash gift of Rs 500000 from my father.
Is it taxable in my hands?
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 05 August 2014
As per sec:56 of Income Tax Act, Any gift received from father or any other relative is exempt from tax Relative includes father-in-law
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