Exemption from Income tax

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  1. Sanjoy Acharjee

    Sanjoy Acharjee New Member

    Whether money borrowed from mother or received as gift from mother is taken as income. Whether such amount is exempt from Incometax. Besides, whether mother
    who lent me the money gets tax exemption.
  2. ZED

    ZED Well-Known Member

    Gift from relatives is absolutely exempt but income therefrom might attract clubbing provisions.
    Gift shall have no tax treatment in the hands of either party in this case.

    Relevant provisions
    S.56(2)(vii) read with its explanation
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