it assess rs:10 lacs amount received from mother through on online mode.
question:
amount rs:10 lacs benefit of cash loan or gift transaction treatment in it act.
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Benefit of cash loan or gift in it act
Replies (2)
Gift is generally better if received from 'Relative"
1. Gift a better option than loan.
2. If gift rec'd from specified relatives it's tax free.
3. Donor may prepare a simple gift deed if amount of high value with acceptance of donee & signature of donor & donee.
4.Better to be online mode if gift amount greater than 2 lacs.
5. Avoid cash if greater than 50 K
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