Gift received in cash
This query is : Resolved
03 September 2012
Dear all
if an individual received gift in cash (Rs. 800000) from his father, will this receipt attract income tax.
Further, father has only source of income i.e. agricultural income
if an individual received gift in cash (Rs. 800000) from his father, will this receipt attract income tax.
Further, father has only source of income i.e. agricultural income
03 September 2012
Gift received from father is exempt.
03 September 2012
Dear Sir
Please elaborate in detail with reference of relevant section
Please elaborate in detail with reference of relevant section
03 September 2012
It will not make any difference whether you receive via cheque or via cash , but for safer side we prefer to get gift via cheque with a Gift Deed.and further the gift received from specified relatives is exempt.
06 September 2012
Gift received from father is exempt from Income Tax whether it is by way of cash or cheque, subject to genuineness of transaction, source of amount gifted, availability of fund for gift etc.
10 September 2012
It is exempt u/s 56(2)(vii) of the Income Tax Act.
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Regarding IMS Mandatory from 1st July 2026
- Interest on SCSS
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- 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
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
