income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 January 2011
can we accept Rs 100000 cash as a gift from relative?
20 January 2011
As per the Income tax act, the Gifts received from any of your relatives are fully exempt from tax. Whether you are received the gifts as Cash, Cheque or any goods. You are not liable to pay the tax for these gifts
20 January 2011
Yes you can accept. It is exempt from tax. Prepare the gift deed and also pass the necessary entries. It is the resposibility of the assessee to prove that the donor has the capability to give the gift, otherwise the gift will be added to the income of assessee 68/69.
20 January 2011
yes you can receive the same.
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Sec 44ada applicable only or both
- RELATED TO TRIBUNAL APPEAL
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- GST Rate for Catering Services
- Taxability of Partnership firm for FY 2025-26
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
