04 October 2015
hello everyone... i need help/advice from expert for my query please ... your response will b valuable for me.
my query is : if any relative say(som) transfer to his father(father is on the govt. job) one laks every month then what are the whole circumstances for income tax. shall receiver have to show that income in his return? or is there any exemption for depositor.
2nd
if any one transfer 500000-100000 to his relative ( say father mother and sister) by rotation. the who r liable for that income to fill return?
and how much a person can transfer money to his relative in a financial year without giving effect to income tax..
06 October 2015
In the income tax return space provided for disclosing exempted income show gift from relatives under exempted income. No tax payable on gift to relatives(close) defined under income tax. No limit for such gifts.