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Cash gifts

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B.com
3020 Points Joined June 2012
i.t.assess cash gifts received from family members 1 lacs * 5 members cash mode allowed one finicial year under i.t.ct
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On 07 January 2021 at 13:25 Report
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17264 Points Joined December 2018
Please elaborate query
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On 07 January 2021 at 18:02
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Accountant
4533 Points Joined February 2017
The definition of relative is defined under Income tax act if family member is is covered in the definition of relative then the gift income will be exempted otherwise it will be taxable
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On 09 January 2021 at 01:14
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Chartered Accountant
86505 Points Joined April 2011
Same is exempted only if family members covered under defination of relative
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On 23 January 2021 at 23:43

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