SHARAD CHANDRA DANEJ (Asstt. Manager) 21 November 2016
Tax is always given on your income and not on deposits. The amount is given by your mother to you so you need not give any tax on this amount which is given to you by your mother.
The rule for income tax on gifts, is that any amount received from specified relatives is totally tax free in the hands of recipient. So if a relative gives you gift in form of cash/cheque or in consideration, you will not have to pay any tax on the amount received.
Following is the list of relations which are considered as “relatives” for this
Gifts received from other than above persons the limit is Rs. 50000/- in a year. If you receive Rs. 60000/- in a year as gift then its taxable the whole amount of Rs. 60000/-.
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