Cash gift received
This query is : Resolved
19 November 2014
hello,my querry is that how the income tax dept. come to know if I received cash gift of 51000INR.
Amol S Joglekar
(Expert)
19 November 2014
Income tax departments have various sources from which they can gather the information.
(The REAL point is how LOYAL you are to yourself than fearing of getting caught by some external agency like Income tax.)
(The REAL point is how LOYAL you are to yourself than fearing of getting caught by some external agency like Income tax.)
CA Parul Saxena
(Expert)
19 November 2014
Practically think the person who gives you gift will withdraw money from his Bank account this is an evidence.
And suppose the person doesnt withdraw amount from Bank he has surplus cash and gave Rs.51000 to you then definitely you would not keep it at home you will deposit in Bank. Then again department has evidence through bank transactions.
And suppose the person doesnt withdraw amount from Bank he has surplus cash and gave Rs.51000 to you then definitely you would not keep it at home you will deposit in Bank. Then again department has evidence through bank transactions.
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