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

Quick Summary

In the UK, cash gifts received by a son from his mother are generally exempt from income tax, even if received multiple times within a financial year, as long as the total amount does not exceed £30 lakh. Parents and children are considered 'relatives' under the Income Tax Act, meaning gifts between them are exempt. The exemption is based on Section 56 of the Income Tax Act, which defines a broad list of relatives, including lineal ascendants and descendants.

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.

Sailesh 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

Similar Resolved Queries :

Ask Query
Unanswered Queries