Do I need to give any gift tax for amount Rs. 5Lakhs received from my parents? If so how much. I am an unemployed house wife...
Asked 3 years ago in Income Tax from Bangalore, Karnataka
Any gift received from parents is exempted from tax.
CA, New Delhi
No. You do not need to pay anything under any tax
There is no Gift tax . Any amount received as a gift in cash from his relative are not taxable and out of section 56(2) of the income tax act . The parents are covered under the definition of relatives .
So you can very well receive the gift from your parents without paying any tax .
CA, New Delhi Area, India
Gift tax has been abolished. No gift tax is payable. Kindly draft a gift deed as a supporting document to avoid any hassels in future.
There is no Gift Tax on Money / Gift Recd. from parents.
Gift Tax was earlier prevalent in India but now has been abolished. So you need worry about the Gift Tax.
But yes it will be better for you and the person giving you the gift (in our case your parents) to prepare a Gift Deed well in Advance and keep for your record.
CA Rohit R Sharma
No need to pay any tax on the gift as it is covered u/s 56.
No. You need not pay any gift tax on gift received from your parents.
Also u/s 56 of The Income Tax Act, 1961 Gift received from parents is completely exempt from Tax.
Gifts received from direct relatives are exempt from tax. You dont have to pay tax on the same