what is the tax provisions on cash or bank deposit

19 April 2018

by grandparents to a granddaughter she is a 22yrs old student?

Reply
Follow
Share

4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193786 Points)
Replied 20 April 2018

No taxability for any justifiable amount., subject to cash deposits for amount 2 lakhs or more.

Better to transfer by banking mode, with gift deed, if possible.

Karan (Student) (28 Points)
Replied 19 April 2018

This will be treated as Gift under section 56. No tax implication for monetary gift given to relatives, be it any limit.

Anubhav Narang (10 Points)
Replied 19 April 2018

it is covered under the definition of gift and is exempted if the same is offered as income by grandparents

Anubhav Narang (10 Points)
Replied 19 April 2018

this is as per my knowledge

Start a New Discussion