Gift in cash from father
This query is : Resolved
08 March 2013
can i recd gift of Rs 255000/- from my father in cash, without gift deed?
is there is any disallowances in incometax act?
Bcas Sec 40A(3)doesn't mentioned about it & in Sec 56(2) mentioned that gift from relative is exempt from tax.
pls suggest me solution bcas my ITO is disallowing it.
is there is any disallowances in incometax act?
Bcas Sec 40A(3)doesn't mentioned about it & in Sec 56(2) mentioned that gift from relative is exempt from tax.
pls suggest me solution bcas my ITO is disallowing it.
08 March 2013
you can take gift from your father
as this is not expense of busines and profession. So 40A(3) doesn't applicable
and 56(2) allow you to do so.
as this is not expense of busines and profession. So 40A(3) doesn't applicable
and 56(2) allow you to do so.
Message likes :
1 times
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
