Gift transaction in 19-20
This query is : Resolved
Quick Summary
Kollipara Sundaraiah
(Querist)
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.
CA R SEETHARAMAN
(Expert)
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.
Message likes :
1 times
ROHIT JAIN
(Expert)
27 August 2021
Gifts received from relatives are exempt.
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
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
