Benefit of cash loan or gift in it act

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.
Replies (2)
Quick Summary
This discussion explores the tax treatment of receiving Rs 10 lakhs from a mother via an online transfer under the Income Tax Act. It suggests that a gift is generally more advantageous than a loan. Gifts from specified relatives are tax-free, and for larger sums like Rs 10 lakhs, especially if over Rs 2 lakhs, an online transaction is recommended, while cash transactions exceeding Rs 50,000 should be avoided.

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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