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.
Gift is generally better if received from 'Relative"
kollipara sundaraiah (B.com) (2889 Points)
14 October 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 15 October 2021
Gift is generally better if received from 'Relative"
Venkat
(NA)
(76 Points)
Replied 17 October 2021
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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