Cash gift from relatives
This query is : Resolved
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- Journal entry of busniess expenses
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- GST not cancelled by tenant
- EXPORT COMMERCIAL INVOICE HSN CODE
- NRI starting business in India
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Filling ITR - U
- Form 140 tds
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
