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Father gifted cash directly transferred in account tax liability
19-Feb-2023 (In Tax Law)
Sir, My father gifted me cash of Rs 17 Lac after selling his inherited agriculture land as he is old so amount of deal is directly transferred in my account by buyer. Now I would like to know what process should I follow as per income tax process to avoid future hassle. Please guide.
In reply of your query "My father gifted me cash of Rs 17 Lac after selling his inherited agriculture land as he is old so amount of deal is directly transferred in my account by buyer. Now I would like to know what process should I follow as per income tax process to avoid future hassle. Please guide."
I will advice you to declare the amount before income tax and pay the tax as per the income tax rules.
I will advice you to declare the amount before income tax and pay the tax as per the income tax rules.
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Adv. Siddhartha Mishra
Allahabad | 100+ Answers
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