GIFT TRANSACTIONS IN F.Y.20-21
This query is : Resolved
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.
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.
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