Payment received from relatives - reg
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 November 2018
Sir,
Query regarding this transaction ( error) comes under the exemption of GIFT TAX?
A person run a proprietorship concern/business who received from his relative a lump sum as gift for his another business startup. Here what happened by mistake is that the relative ( amount giver) given a cheque in the name of business concern not in the name of that person (amount receiver).
In that situation can a person ( amount receiver) claim that amount claimed as gift ?
Query regarding this transaction ( error) comes under the exemption of GIFT TAX?
A person run a proprietorship concern/business who received from his relative a lump sum as gift for his another business startup. Here what happened by mistake is that the relative ( amount giver) given a cheque in the name of business concern not in the name of that person (amount receiver).
In that situation can a person ( amount receiver) claim that amount claimed as gift ?
30 November 2018
Yes he can claim it as gift. Its one and the same either he received or his concern received.
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