Cash gift
This query is : Resolved
Abhishek Roy Choudhury
(Querist)
29 March 2018
Dear Sir,
An Assesse wants to take cash gift of Rs. 1,50,000.00 from his father and Rs. 1,50,000.00 from his mother. Please tell is it allowable as per IT Act or not, as it is told that cash gift upto Rs. 2,00,000.00 is allowable.My query is as the Assessee is taking the cash gift of Rs. 1.50 Lacs individually from his father and mother, so it is allowed or not.
Thanks,
Abhishek.
An Assesse wants to take cash gift of Rs. 1,50,000.00 from his father and Rs. 1,50,000.00 from his mother. Please tell is it allowable as per IT Act or not, as it is told that cash gift upto Rs. 2,00,000.00 is allowable.My query is as the Assessee is taking the cash gift of Rs. 1.50 Lacs individually from his father and mother, so it is allowed or not.
Thanks,
Abhishek.
K Srinivas, CMA CS
(Expert)
29 March 2018
Gift from relatives is wholly exempt from tax irrespective of the amount
Abhishek Roy Choudhury
(Querist)
29 March 2018
Dear Sir,
Thanks a lot for your reply at the earliest.
Thanks,
Abhishek.
Thanks a lot for your reply at the earliest.
Thanks,
Abhishek.
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