Abhijit Ghosh (Consultant) 18 June 2013

Tax query

A PERSON RECEIVED RUPEES 1.5 LAC FROM HIS FATHER AS GIFT. PLEASE GUIDE THE FOLLOWING: -

1) WHETHER HE IS REQUIRE TO PAY ANY CAPITAL GAIN TAX

2) WHETHER RS. 150000/- WILL BE ADDED IN HIS TOTAL INCOME WHILE PREPARING "COMPUTATION OF INCOME"

ADVANCE THANKS TO ALL.

R RAJAGOPALAN (ADVOCATE) 18 June 2013

Your Queries: A PERSON RECEIVED RUPEES 1.5 LAC FROM HIS FATHER AS GIFT.

1) IS HE REQUIRED TO PAY ANY CAPITAL GAIN TAX

2) WILL RS. 150000/- BE ADDED IN HIS TOTAL INCOME WHILE PREPARING "COMPUTATION OF INCOME"

REPLIES:

1.No. There is no Gapital gain in a gift received.

2. No. As the gift is received from a lineal ascendant, it is*xempt.

Mr. Rajgopalan has rightly advised and I endorse his views.

prasanna kumar d.b. (DCCT) 22 June 2013

what is the latest position of the issue of burden of proof under vat...?..high courts/ Supreme Court judgements