28 September 2020
my sister wants to give me rupees 30 lacs as gift via bank cheque. please advise if any tax will be applicable to either my sister or to me. am I required to execute any document.
29 September 2020
As per section 56(2)(x) gift from relative is exempt and relative includes sister. So, no tax will be applicable to both you and your sister
12 October 2020
Kindly make a Gift deed as now the assessments will be faceless and only a proper documentary evidence will be considered as valid document during assessment
CAclubindia
