Gift frpm brother to sister in cash
This query is : Resolved
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.
24 July 2013
Cash gift can be taken from Relatives, make a Gift deed of the same
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Consolidated financials
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Section 50-fixed asset-->building ceases to exist
- Putting a heading on received mail
- Regarding Applicability of Tax Audit u/s 44AB
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
