Easy Office
LCI Learning

Cash gift from relatives

This query is : Resolved 
Profile Image

online

Profile Image

online (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.
Profile Image

Sashank Dundu

Profile Image

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Trending Online Classes

view all classess
CCI Pro


Answer Query



Quick Links