Cash Received from relative from foreign
This query is : Resolved
Srimannarayana
(Querist)
19 December 2019
Sir my Sister is a Housewife and she does not have any income source, one of the relative in foreign wants to send a sum of Rs. 5,00,000 into her savings bank account. is there any problem with income tax department. please let me know if any problem is there thanks.
CA R SEETHARAMAN
(Expert)
19 December 2019
No problem with income tax dept it's exempt from tax.
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21 December 2019
But Sir, isn't it that the Relative should fall under the definition as explained in Sec 56 of the Act. amount received from any other relative than the list provided therein may lead to tax liability.
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CA R SEETHARAMAN
(Expert)
21 December 2019
Yes you are right only amount received from such relations exempt.
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