GIFT TRANSACTIONS IN F.Y.20-21
This query is : Resolved
Kollipara Sundaraiah
(Querist)
05 August 2021
SIR,
It assess cash gift transactions mentioned below in f.y.20-21 through on cash mode.
1.Cash gift from father rs:2 lacs through on cash mode.
2.Cash gift from friend rs:2 lacs through on cash mode.
Query:
Assess cash gift transactions cash mode treated show procedure in it returns and penality applicable in it act.
It assess cash gift transactions mentioned below in f.y.20-21 through on cash mode.
1.Cash gift from father rs:2 lacs through on cash mode.
2.Cash gift from friend rs:2 lacs through on cash mode.
Query:
Assess cash gift transactions cash mode treated show procedure in it returns and penality applicable in it act.
CMA Poornima Madhava
(Expert)
05 August 2021
1) No violation of 269ST if gift from father is less than 2 lacs (if equal to or more than 2 lacs penalty would apply). Gift from father to child not taxable.
2) No penalty if <2 lacs. Gift from friend is taxable.
2) No penalty if <2 lacs. Gift from friend is taxable.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
