Gift Provision
This query is : Resolved
Ranjeet Atal
(Querist)
26 December 2008
Sir I want to Know Whether Gift in cash given by son in law to mother in law and Brother in law will be taxable or not?
26 December 2008
Not taxable
C A GROUP COACHING
(Expert)
26 December 2008
GIFT NOT TAXABLE BUT CASH TRANSACTION IF FOR BIG AMOUNT WOULD CREATE PROBLEM TO SON IN LAW
PLS BE CHECKED PROPERLY ON THAT PART
PLS BE CHECKED PROPERLY ON THAT PART
Ranjeet Atal
(Querist)
26 December 2008
Can you please tell me the definition of the word "Big Amount"
Ranjeet Atal
(Querist)
27 December 2008
Please clarify that the provision(Gift) for payment by cheque are same? In my opinion there should not be any problem if payment is made by cheque. please confirm.
27 December 2008
Cash and Cheque for the purpose of Gift is one and the same thing.
27 December 2008
Also, there is no concept of any 'BIG AMOUNT'
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