Does son include adapted son for section 52 of income tax act
Answers
Answered by
2
Answer:
Explanation:
Parents can gift any amount of money out of their taxable income to their children without any tax implication on the children. ... Therefore, in the example you have cited, the son will not have to pay any tax on the Rs 3 lakh gift amount. However, he will be liable to pay tax on any income derived from it.
Similar questions