Cash received from relative
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
Replies (4)
Quick Summary
You can take refer exceptions to 56(x)(2)
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
Wrong it has to be blood relation direct.
Gift from a father-in-law: exempt, but avoid large cash:
• A father-in-law (spouse's father) is a "relative" (lineal ascendant of the spouse). Gifts of any amount are exempt under Sec 56(2)(x).
• Cash of Rs 2 lakh or more in a day, or for one occasion, from one person violates Sec 269ST. Penalty (equal to the amount) on the receiver (Sec 271DA). Take it by bank transfer or cheque.
• Document it with a gift letter.
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