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Cash gifts from family members taxability for ay 21-22

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9 Points Posted on 29 July 2021
cash gifts from family members taxability for ay 21-22 exempt Or not
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On 29 July 2021 at 15:29 Report
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ACA
1533 Points Posted on 29 July 2021
Section 56(2) of the Income Tax provides for taxation of gifts received during the year in case aggregate value of all the gifts, whether in cash or in kind during a year, exceed fifty thousand rupees, entire amount will be taxable in the hands of recipient, if it is below 50,000/- exempt from tax
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On 29 July 2021 at 15:49
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CMA
13117 Points Posted on 29 July 2021

If such family members fall within the definition of relatives, then exempt without any limit else exemption up to Rs.50k pa

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On 29 July 2021 at 16:11
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Chief Accountant
3150 Points Posted on 29 July 2021
If such family members fall within the definition of relatives, then exempt without any limit else exemption up to Rs.50k P.a

further to that.. Gift in Cash (269ST) from single person /transaction/event can' t exceed Rs. 2,00,000/- p.a.
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On 29 July 2021 at 16:29
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ACA
1533 Points Posted on 29 July 2021
As per Contract Act 1872, contract without consideration, quid pro quo means something for something, only one thing love and affection should prevail, even friend can give cash gift upto Rs. 50,000/-
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On 29 July 2021 at 16:35


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