Cash gift 250000.00 with relatives
This query is : Resolved
Querist : Anonymous
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.
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.
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
(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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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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