What abt taking money from my father?
by Manjunath G on Apr 21, 2007 11:36 PM Permalink | Hide replies

Hi,

Will there be any tax if I take some money (around 1lac - 3 lacs) from my parents???

Please do let me know at manju_bmsce@rediffmail.com

thanks in advance

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RE:What abt taking money from my father?
by Amitabh on Apr 22, 2007 09:46 AM Permalink
Gifts from parents are exempt from tax without any limit.

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RE:RE:What abt taking money from my father?
by sanju vg on Apr 24, 2007 08:02 PM Permalink
sir
if i get money frommy mother. i further invested in stock market ,will i have to pay taxon gains(short term);what is tax applicable for intraday trading? i fall in 10%taxbracket.
thank you.

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RE:What abt taking money from my father?
by Amitabh on Apr 25, 2007 01:59 PM Permalink
If you receive a gift from your mother that won't be taxed in your hands but if you invest the same in shares and earn short term capital gain,you will be taxed at the rate of 10 % on the capital gain.And this gain will be treated as your income and taxed accordingly.

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