Cash payment of rs20000/-

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 A) Is it applicable for assessee who have not Tax Audit u/s 44AB
1.40(a)3 payment more than Rs20,000/-
2.269SS accepting Loans or deposit for Rs20,000/- or more.
3. Is above sections applicable if Gift taken from relation by way of cash u/s 56(2)(vii)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 July 2013 Yes the provisions of Section 269SS are applicable to all assessee.
.
40A(3)- Applicable to all except persons covered U/s 44AD.
.
Gift can be accepted in Cash from relatives and others. Gift is neither a loan nor a expenditure.
.

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 Sir,
Thank you for reply. What is the limit for gift in cash or kind from relative as per latest Income Tax Law.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 July 2013 For relative there is no limit for gift under income tax act.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 Sir,
Thank you very much. The exemption limit is Rs50,000/-only. Please clarify in this matter.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 July 2013 Rs. 50000/-limit is exemption limit when the gifts are received from non-relatives and the amount does not exceed Rs. 50000.
.
When amount of gift exceeds 50000 entire amounts so received from non relatives-becomes taxable.
.
Gifts received from the relatives as prescribed U/s 56(2)(vii) does not have any such upper limit.
.

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