Gift transaction in 19-20
This query is : Resolved
11 November 2020
One of female I.t. Assess cash mode gift received from relatives in f.y.19-20.
1.dt:10-07-2019 cash mode gift from brother Rs:1,50,000/-
2.dt:17-07-2019 cash mode gift from mother Rs:1,60,000/-
3.dt:16-08-2019 cash mode gift from eldersister Rs:1,90,000/-
4.dt:20-08-2019 cash gift from small sisterRs:1,60,000/-
5.dt:20-10-2019 cash mode gift from brother in law(husband brother)Rs:1,30,000/-
Question:
Assess above all cash mode gift transactions one finicial year allowed in I .t.act and all gifts exempt or taxable.
1.dt:10-07-2019 cash mode gift from brother Rs:1,50,000/-
2.dt:17-07-2019 cash mode gift from mother Rs:1,60,000/-
3.dt:16-08-2019 cash mode gift from eldersister Rs:1,90,000/-
4.dt:20-08-2019 cash gift from small sisterRs:1,60,000/-
5.dt:20-10-2019 cash mode gift from brother in law(husband brother)Rs:1,30,000/-
Question:
Assess above all cash mode gift transactions one finicial year allowed in I .t.act and all gifts exempt or taxable.
12 November 2020
All such gifts exempt from income tax as it's gift from relative and such cash gift less than 2 lacs from each person.
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27 August 2021
Gifts received from relatives are exempt.
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