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Taxation of cross gifts

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(Querist)
28 March 2023 Can cross gifts are taxable under Income Tax Act ? For Example: Mr.A received an gift in the form of cash/Kind amounts to Rs. 10 lakhs from Mr.B and Mr.B returned the an amount of Rs.8 lakhs to Mr.A. Both A & B are relatives. In this scenario, can cross gifts are Taxable ?

Thanks in advance.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
28 March 2023 If both are relatives to each other (in either way) as specified in sec. 56(2)(x) of IT act, no tax liabilities to either.
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