LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

269st

Ritika Pundir (Chartered Accountant) (28 Points)

13 April 2017

Query regarding section 269ST,

1. What is meant by a 'transaction', is this a single bill or in a year put together?

2. Cash receipt on an occasion from a person violates section if more than 2 lacs. So what is the effect of sec. 269ST on gift received on occasion of marriage from a person, if more than 2 lacs?

3. Gifts received from relatives are exempt. But is sec. 56 superseded by 269ST? Does it mean that mother gifting Rs. 5 lacs to daughter in cash will now be liable for penalty?

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 13 April 2017

1. A single/aggregate of bills per day.

2. Cash gifts should not be 2 lakhs or more on such event, otherwise penalty can be levied.

3. " Does it mean that mother gifting Rs. 5 lacs to daughter in cash will now be liable for penalty?"

Yes, Daughter can accept any amount by cheque or any other banking mode!!!

1 Like

CS Advocate Abhishek Goyal (M Com FCS LLB M-AIMA ) (13531 Points)
Replied 15 April 2017

No section 56 is not supresed by section 269ST, both are independent section operating in thier own spheres. Only thing that can be said that section 56 is now subject to section 269ST so far as cash gifts are concerned. since relatives can give gift of any amount but if the amount of cash gift is Rs 2 Lakhs or more, the donee will invite penalty u/s 271DA.

1 Like