Cash gift from relatives
This query is : Resolved
Kollipara Sundaraiah
(Querist)
13 June 2019
I.t.assess
One date gift from father rs.170000 by cash
Another date gift from brother rs.150000 by cash.
Another date gift from father rs. 6 lacs by bank check
All gifts acceptable for one finicial year.
One date gift from father rs.170000 by cash
Another date gift from brother rs.150000 by cash.
Another date gift from father rs. 6 lacs by bank check
All gifts acceptable for one finicial year.
Sashank Dundu
(Expert)
14 June 2019
Yes. All gifts received from father or brother will be exempt irrespective of the amount received. Only requirement is the person giving the gift should fall under the definition of 'relative' u/s 56 of the Income tax Act.
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