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Cash gifted to son will attract tax deduction
01-Mar-2023 (In Tax Law)
My father earns a yearly income of 20 lakhs which includes rent and pension. He wishes to gift me 5 lakhs from his total yearly income. My question us that whether this gift of 5 lakhs to son 'will attract tax. If it is being shown in my books that i have recieved gift from father then will it count as a capital gain in my books. What would be the tax implication on this gift of 5 lakh rupees?
The first major rule which every person should know is that there is no tax to be paid on gifts received (cash or kind), if the amount of the gift is upto Rs 50,000 in a year. However if the total amount crosses Rs 50,000 . Then you will have to pay the tax on the total amount received under the head income from other sources & as per current rate.
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Adv. Deepak Gandhi
Delhi | 100+ Answers
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