Gift transactions taxable or exempted
This query is : Resolved
Kollipara Sundaraiah
(Querist)
08 August 2021
Sir,
A female it assess cash gift to mother rs:10 lacs through on bank mode.if mother (Receiving rs:10 lacs money in some amount) cash gift to son rs:3 lacs through on bank mode.
Question:
Above two gift transactions taxable or exempted in it act.
A female it assess cash gift to mother rs:10 lacs through on bank mode.if mother (Receiving rs:10 lacs money in some amount) cash gift to son rs:3 lacs through on bank mode.
Question:
Above two gift transactions taxable or exempted in it act.
CMA Poornima Madhava
(Expert)
09 August 2021
Gift from daughter to mother or from mother to son is not taxable provided these transactions are carried out thru bank (not cash deposits).
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