Regading Gifts recieved from relatives
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2010
there is individual suppose X who recieved gifts of Rs 150000/- from Y ( who is maternal uncle of X. As we know there is no tax liabilities in the hands of X where Y have to pay on his income part.
Now my question is whether X has to pay any tax on his rcieving gift from Y.And Y is a farmer who is getting Income reciepts of Rs 500000/- and giving this money to X and claiming 500000/- as exempt income U/s 10(1).
Let me know in this case any issue may be raised by ITO. If yes then why ?
Now my question is whether X has to pay any tax on his rcieving gift from Y.And Y is a farmer who is getting Income reciepts of Rs 500000/- and giving this money to X and claiming 500000/- as exempt income U/s 10(1).
Let me know in this case any issue may be raised by ITO. If yes then why ?
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2010
Thanks
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