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Cash transaction response
if cash received from various relatives towards gift for my child on his various celebration & other functions, which i deposited into bank, where to show in cash transaction response in income tax.
Replies (2)
gift received on occasions(other than marriage) like birthday, anniversary, etc., will be charged to tax.
but if such person is relative then no taxability arise.
in other cases, Such amount should be upto 50k
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