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Cash gift 250000.00 with relatives

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 December 2014 Sir
maine apani mother ko 250000.00 cash gift a.y.2007-08 mein diye lekin maine a.y. 2007-08 ke itr main nahi dikhaya hai to kya cash gift legal hai incometax to nahi banega.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
19 December 2014 Cash gift given or taken from relatives are outside with preview of Income Tax under section 56(2)(vii) of Income Tax Act, 1961
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Rupesh Jain

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Rupesh Jain (Expert)
20 December 2014 this is exempt due to received from the relative and its not a income its capital receipts.



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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
20 December 2014 This amount is paid and receieved between person covered by relatives u/s565(2) and is not taxable.

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