Gift frpm brother to sister in cash
This query is : Resolved
Rajesh Topiwala
(Querist)
24 July 2013
Can sister take cash gift of say Rs. 4,00,000 /- from her brother ? Section 56 of Income Tax is not attracted. My query is that whether cash gift like this at a time i. e. Rs. 4,00,000 /- is allowed in Income Tax ? Can it be shown in her books of account as gift ? Brother 's has having sufficient cash on hand in his Balance Sheet.
24 July 2013
yes ofcourse this amount can be shown as gift and is fully exempted as per the section 56...as the gift is received from the relative as specified in the section.
CA.Vinita Gupta
(Expert)
24 July 2013
Cash gift can be taken from Relatives, make a Gift deed of the same
Rajesh Topiwala
(Querist)
24 July 2013
Thanks a lot
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
