Gift received from Brother in Cash

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Jashpreet kour (Querist)
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15 January 2020 If an assessee received Gift from his Brother in cash for the purpose of marriage of his unmarried daughter but assessee does not utilized the Cash for the that purpose.However he transfer the amount to his Housing loan account then what will be the repercussions of it. Is the Cash Gift Received from relative chargeable to tax in the hands of assessee ? Kindly reply on the issue as soon as possible.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 January 2020 There is no requirement of mentioning the purpose or consideration while making a Gift. In this case, the gist received is not taxable. ( He has wisely utilised the money... congratulate him)

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