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
- ITR -1 Filing
- TWO FIRM NAME IN ONE GST NUMBER
- Section 54 f disallowed will be taxed at what rate
- Transportation of Petrol, Diesel by GTA and Other than GTA
- Which ITR application
- TDS whether applicable or not in case of Flat purchase
- Transfer of rectification rights to ao
- IGST Refund pending since June 2022.
- Transfer of Rectification Rights to the Jurisdictional Assessing Officer
- Form 16 Issues
- SALES MADE THROUGH E COMMERCE OPERATOR 9(5)
- Igst utilisation query
- Section 12A(1)AC
- Interest will be paid
- CHANGE IN PARTICULARS OF DIRECTOR
- Non- payment of GST on supply of services- reg
- Accumulated surplus exceeding 15%
- Different GST Number MEESHO
- Fees amount transfer procedure for two doctors
- Notice u/s 148 of IT Act
Trending Online Classes
CAclubindia
