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i have paid 100000 in cash to my brother as gift...is there any violation?
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Quick Summary
Hi,,
Any gift received from specified relative would be exempt from tax irrespective of amount.I assume u have given gift cash to your own brother, if that is the case then gift amount will not be taxed in the hands of your brother.Since brother is covered under specified relative.
Any gift received from specified relative would be exempt from tax irrespective of amount.I assume u have given gift cash to your own brother, if that is the case then gift amount will not be taxed in the hands of your brother.Since brother is covered under specified relative.
No violation of anything
Is there any issue for me since i paid more than 10000 in cash?
No issues at all.
You gift him your own brother
nothing issue but make sure of your cash in hand calculation n also the exempted money showing
nothing issue but make sure of your cash in hand calculation n also the exempted money showing
Then when this 10000 limit comes in for cash transactions??
Those are for business entities which makes cash payments above 10 k for any business expenses.Those expenses would be disallowed in ITR.
If you are carrying on business or profession, the tax laws have prescribed a daily limit of Rs 10,000 beyond which payments in cash cannot be made for any expenditure to a single person.
not for your gift to brother
not for your gift to brother
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