Gift from brother
This query is : Resolved
Kollipara Sundaraiah
(Querist)
16 December 2020
Assess cash gift received from elder brother amount above Rs:10 lacs through on bank mode.
Question:
Above transactions tax on gifts applicable in I.t. act.
Question:
Above transactions tax on gifts applicable in I.t. act.
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Harshit Bangar
(Expert)
16 December 2020
THE GIFT TO RELATIVES IS EXEMPT FROM THE INCOME TAX AND BUT IT HAS TO BE SHOWN IN INCOME TAX RETURN.
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