Cash gift regarding

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alpesh (Querist)
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15 November 2016 dear sir may clients has cash balance as return for AY-2015-2016 is Rs 500000 in this case purpose to reduce cash and he can give this cash to relative sister rs 300000 and whether this cash can show in sister return as an exempt income u/s 56(2) for AY-2015-2016 in this case i can do or not. also specify maximum limit regarding cash gift

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 November 2016 No limit for cash gift. cash gift to relatives is exempted.

alpesh

alpesh (Querist)
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15 November 2016 whether exempted income should be decalare in income tax return of sister or not

alpesh

alpesh (Querist)
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15 November 2016 dear sir this case is urgent may client has sold a plot of Rs 10000000 on 15/10/2015 and purchase on 2/10/2009 of Rs 4200000 Lacs but no legal document made but it is sale on file in this what will capital gains and cash received in bank Rs 10000000 also calculate capital gains.please give me suggestion what i can do in this case.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 November 2016 It is better to declare exempted income in the return.

alpesh

alpesh (Querist)
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16 November 2016 dear sir give capital gains regarding suggestion

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 November 2016 Raise it an another query.

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