Clarification on gifts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 November 2011
Dear All,
Can an assessee receive an amount as gift/loan from a relative which is not an Income Tax Assessee?
Please Suggest
Can an assessee receive an amount as gift/loan from a relative which is not an Income Tax Assessee?
Please Suggest
07 November 2011
Yes. However, the source of money has to be established up to the satisfaction of the assessing Officer if called upon under a proper notice.
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