Taxation treatment for amount received from Father

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  1. Dr Anand Wadadekar

    Dr Anand Wadadekar New Member

    Hello Professionals,

    Please help with your expertise.

    My Father sold a house property in Pune in December 2014. He then transferred Rs. 8.5 Lakhs to me to my bank account. I am investing the same in my pvt ltd company as Subscription Capital.

    Is there any provision in IT Laws under which I can avoid paying Income Tax on this Rs. 8.5 lakhs? Can I show this as a gift received from Father (relative).

    If yes, where in the ITR Form should I mention this?

    An early reply from experts here will be highly appreciated. Thanks in advance

    Dr. Anand Wadadekar

    Founder Director & CEO of Discovering Careers India
     
  2. MANOJ TILOKANI

    MANOJ TILOKANI New Member

    Yes you can treat it as Gift received from your father , which is tax free.

    No need to show this in ITR.
     
    Dr Anand Wadadekar likes this.
  3. Dr Anand Wadadekar

    Dr Anand Wadadekar New Member

    Thank you very much for the help Mr. Tilokani

     
  4. Amit Sahni

    Amit Sahni Active Member

    1. Amount received from Father is expemted from the levy of Income Tax.
    2. Exempted Income is also required to be disclosed in the ITR. There is a proper section in ITR for disclosing exempt income. Refer : http://www.charteredclub.com/exempt-income-itr/
     
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