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Cash received from relative

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Accountant
647 Points Posted on 25 September 2023
Sir with due respect I want to know that can I take a sum of Rs more than 5 Lac from my father in law and Fufa and Fufi (Sister and brother in law of father of the assessee) for Rs 5.50 Lac Thanks
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On 25 September 2023 at 15:32 Report
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Profession Business
28207 Points Posted on 25 September 2023
You can take refer exceptions to 56(x)(2)
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On 25 September 2023 at 16:59
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CA ipcc
449 Points Posted on 25 September 2023
No you can't..if you do it will be treated as gift and you will have to pay tax as the said persons in the question are not relatives to you as per the act
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On 25 September 2023 at 21:58
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Profession Business
28207 Points Posted on 26 September 2023
Wrong it has to be blood relation direct.
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On 26 September 2023 at 08:06


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